Tenants get their deposit money back

Tenants get their deposit money back in over 90% of dispute cases.

According to Mydeposits.co.uk, over 90% of tenants get their deposit money back in dispute cases.

Tenancy deposit protection legislation was introduced in 2007 to ensure landlords don’t withold rent deposits at the end of a tenancy agreement without valid reason.

Prior to the introduction of this legislation, landlords could decide to hold back all or some of a tenant’s deposit and didn’t have to give a valid reason as to why this was being done.

There was little a tenant could do if this happened. Whilst taking the landlord to court was an option, invariably this wasn’t taken up because of the excessive time and costs involved.

It seems that the Tenancy deposit protection legislation is working as Chief Executive of mydeposits.co.uk, Eddie Hooker, commented ‘remember that most deposits are handed back at the end of  the tenancy without any problems.’

He added ‘out of the 335,000 deposits protected, only a tiny fraction (0.35%) were independently adjudicated.’

Mydeposits is the trading name of Tenancy Deposit Solutions Ltd.

Tenancy Deposit Solutions, jointly owned by the National Landlords Association and Hamilton Fraser Insurance, was appointed by the government to run an insurance-based deposit protection scheme.

As well as deposit protection insurance, as a tenant or landlord, other insurance is worth considering around a rental property.

A landlord needs to ensure they choose the right landlords insurance, picking up on such as accidental damage insurance, liability insurance and loss of rent insurance.

Equally a tenant is responsible for their contents and may want to take out tenants contents insurance for these.