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Thomas
Thomas, Solicitor
Category: Property Law
Satisfied Customers: 7620
Experience:  UK solicitor holding an England and Wales practising Certificate.
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I have just rented out a property and the new tenant has given

Resolved Question:

I have just rented out a property and the new tenant has given me a deposit. I believe I have to put it in a special bank account. Can you advise me on how to go about this. He has also paid a months rent in advance.
Submitted: 2 years ago.
Category: Property Law
Expert:  Thomas replied 2 years ago.

Thank you question and patience, I’m Tom and I’ll try to help you.
If you have rented your property under a fixed term residential tenancy (ie. an assured shorthold tenancy) then you will have to protect the deposit.
This means that you must place it in a Tenancy Deposit Protection scheme. Details on the available schemes are contained on the following page:-
https://www.gov.uk/deposit-protection-schemes-and-landlords/overview
It’s quite straightforward once you have picked the scheme you will adopt in order to protect the tenant’s deposit.
There is also specific information that you must give your tenant, which you will see is outlined on one of the link contained on the above page
My goal is to provide you with a good service. If you feel you have received anything less, please reply back as I am happy to address follow-up issues specifically relating to your question.
Kind regards,
Tom
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