This means that, if a landlord must register with their local authority and they require a deposit from their tenant(s), they must also comply with the Tenancy Deposit Regulations. However, there are certain cases that are excluded from having to comply with the regulations and therefore do not need to use a deposit scheme. These include, but are not limited to, the following:
- Lets to family members
- Homes for holiday use
- Resident landlords
- Properties used by religious orders/organisations
However, landlords of assured and short assured tenancies, university accommodation and other types of occupancy arrangements must comply with the Regulations and use a deposit scheme. These rules apply even if the landlord lives overseas or the tenancy deposit is paid by a third party.
How SafeDeposits Works
Now that you know what tenancies are covered under our deposit scheme, it's important to understand how we work. SafeDeposits is not responsible for landlords complying with the timescales specified in the relevant legislation - this is the responsibility of the landlord.
SafeDeposits accepts deposits from landlords and registers them with the scheme. Once we have done this we will do the following:
- Deposit the money into an account with the purpose of securing the tenancy deposit
- Inform the tenant(s) and landlord of the action taken
- Provide the landlord and tenant(s) with the necessary information set out in the regulations
The aim of the SafeDeposits deposit scheme is to safeguard the tenancy deposit and to ensure that the deposit is returned in a fair and equal manner at the end of the agreed time period.