Did you know your deposit protection obligations don't end with paying the deposit?
You also need to serve the Prescribed Information within 30 days, or you could be penalised between one and three times the amount of the deposit. To help you comply with the law and save yourself from a hefty fine, follow this simple guide from the Deposit Protection Service.
What is Prescribed Information?
Prescribed Information is a specific set of information relating to a tenancy, which you're legally obliged to provide to your tenants. You must serve your tenants with the Prescribed Information within 30 days of the agent/landlord receiving the deposit.
› The amount of the deposit
› The address of the property
› The name, address and contact details of the administrator of the tenancy deposit scheme with which the deposit is held
› The name, address and contact details of the landlord and tenants and any third parties who have contributed to the deposit
Do I need to provide a copy of the deposit protection provider’s Terms and Conditions with the Prescribed Information?
If you're using our Custodial scheme, you must provide a copy of your provider’s Custodial terms and conditions with the Prescribed Information to your tenants under the Housing (Tenancy Deposits) Prescribed Information Order 2007.
Will my deposit provider serve the Prescribed Information on the tenants?
No. It is your responsibility to provide your tenants with the Prescribed Information.
Can I just post the Prescribed Information to the tenants or leave it at the property?
You must give the tenants an opportunity to check and sign the Prescribed Information to confirm that its contents are correct.
If you’ve found this article helpful you can visit the Deposit Protection Service for more expertise on protecting deposits.