The Tenancy Deposit Scheme
By law, Landlords need to register letting deposits with one of the three government backed deposit schemes within 30 days of receiving the money.
The deposit schemes became compulsory in 2007 and act as a safety net for tenants. This process helps ensure deposits aren’t being withheld for unjust reasons.
Once any deductions are agreed, Landlords must return a tenant’s deposit in accordance with the terms and conditions of the scheme.
Landlord’s failure to comply can result in heavy fines.