British investment property landlords warned on deposit rulings

photo credit: pimpexposure
UK investment property landlords are being reminded they have to produce evidence to withhold deposits as a “growing number” are having to dig into their own pockets.

Mydeposits.co.uk, a government-approved tenancy deposit protection scheme, said UK tenants are getting all or part of their deposits back 91 per cent of the time.

UK Landlords are entitled to withhold deposit money to cover damage beyond fair wear and tear caused by tenants.

The law says tenants can now formally dispute the amount withheld, and without evidence tenancy deposit schemes often rule in favour of the tenant.

David Salusbury, chairman of mydeposits.co.uk, said:

“The vast majority of tenancies end harmoniously but when problems do arise landlords need to be prepared to safeguard themselves against abuses of the system.

“Although the deposit remains the property of the tenant, landlords should not find themselves paying for any tenants’ misdemeanours out of their own pockets.”

Britain adopted deposit protection laws in April last year, when every UK landlord had to use either a custodial or insurance based scheme for any new or renewed tenancies.

The rules were brought in to protect tenants by making sure deductions from deposits were genuine, with the onus on the landlord to provide proof.

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