Rental Deposit

[Im a BusyBee]

we have rented houses out for many years but our tenants havent changed since the new rules in april regarding the holding of deposits. Is there a way to get around this new idea of us not being able to hold the deposit ourselves?on speaking with an agent (although we do not actually use one for our tenancies) he said it hasnt been proven how quickly the deposits are being released because its so new not enough time has passed yet therefore no one had needed to get them returned in his experience so far. any suggestions would be appreciated. many thanks

[Twenty20]

You can still hold the deposit yourself, but you will need to join one of the insurance schemes which will guarantee the deposit in the event of a dispute. Most LL's I would guess are joining one of the free schemes.

If you are going to take a deposit then you will need to join one of these schemes, either an insurance one or one where you hand over the deposit.

As most tenancies are for 6 months, its just coming up to the time now when we'll see how efficiently these schemes work.

[Im a BusyBee]

thank you for that, may i ask if you could possibly point me in the direction of these schemes? thank you so much

[Twenty20]

Hi, this one's a free scheme....

http://www.depositprotection.com/Public/Defaul t.aspx