March 2007 – Issue 17
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If you are about to let your property you might just have time to miss the April 6th deadline for the new Tenancy Deposit Scheme, but any lettings you do after that date, and any tenancy renewals will have to come into the scheme.
Of course, there’s no law which says you must take a deposit, so you don’t need to become involved if you don’t want.
But most landlords/agents take deposits because of the protection afforded by them and the sense of responsibility they impose on tenants.
If you opt to join the custodial scheme then it’s free to the landlord/agent as it will be funded from the interest earned in the fund.
If you like the idea of holding on to the deposit monies then you have the option of joining one of the insurance schemes and paying the fees.
It remains to be seen how easily landlords will be accepted into the insurance schemes, but it will certainly help if they are members of one of the landlord associations, and/or local accreditation schemes.
This March 2007 issue of the LandlordZONE Newsletter contains all the links and information you will need to decide.
Tom Entwistle, Editor.
This issue is wholly sponsored by Cover4LetProperty - one of the leading providers of insurance for the rental property market.
Landlord’s Insurance from Coverlet
Landlord’s Insurance from Cover4LetProperty
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