Deposit on long standing tenant.

[new_fred]

Hi all,
My tenant has lived in my property for around 11 years. Each year I give him a new AST lasing 12 months. At the beginning of his first tenancy agreement, when he first moved in (around 11 years ago) I took a deposit of £675.

Do I still have to put this deposit in a deposit scheme even though I received it many years before the scheme was introduced?

Any help gratefully received.

[jta]

Hi all,
My tenant has lived in my property for around 11 years. Each year I give him a new AST lasing 12 months. At the beginning of his first tenancy agreement, when he first moved in (around 11 years ago) I took a deposit of £675.

Do I still have to put this deposit in a deposit scheme even though I received it many years before the scheme was introduced?

Any help gratefully received.

It would be wise to put it into a scheme, since you are issuing new agreements it could be argued that you are in breach of the law.

[mind the gap]

Yes, legally it should be protected, since you have issued new ASTs. (Had you allowed a pre-April 2007 agreement to become periodic, it would not have been necessary).

Protect it, quick! :)