Landlords urged to review tenancy deposits

Landlords have been advised to check whether their tenancy deposits are being managed correctly.

The call came from rent collection firm Landlord Assist in response to news of cases of homeowners having to pay back deposits they are not required to.

Tenancy deposit schemes are available for both landlords and letting agents, and have been designed to ensure all conditions of the tenancy are agreed upon.

Graham Kinnear, managing director of the organisation, said that the Deposit Protection Scheme is the only service that is authorised and protects all parties.

He added that there have been cases where landlords have had to may deposit repayments when letting agents have had to shut down.

"Whether landlords and letting agents agree with the requirement to lodge deposits they must accept that this is law and accordingly they should choose a custodial scheme in order that the tenant and landlord are protected in the event that the letting agent goes out of business," Mr Kinnear concluded.

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