UK Landlord Forum / Life

I've been reading about this, and I've found protecting the deposit cost around £20-£30 so its not exactly a major issue.

However... I have read many threads on here about landlords who have (for what ever reason) either not protected the deposit or been late in protecting it.
So... for the benefit of our readers and forum members.. What happens if you were late in protecting the deposit or didn't protect it at all, BUT you have already paid the deposit back?

Can A tenant actually take you to court for not protecting the deposit if its actually been paid back in full?>

Yes.

Protecting a deposit can cost nothing, of course.

Protecting it can cost nothing? How is that possible?

Custodial.

hippogriff, your one word answers are not helpful.

Custodial of what? holding the money? I'm not talking about holding the money, I'm talking about it being registered. How are you supposed to register the deposit for free LEGALLY?

https://www.google.co.uk/search?q=custodial+deposit&oq=custodial+deposit

You being serious Steve?

Using one of the 4 (or maybe 3) agencies for the deposit protection there are 2 ways of doing it.  Either via insurance or custodial.  Insurance method, register deposit with company, pay the insurance, keep hold of the money once registered for a fee.  Custodial, register deposit,  send them the money and costs you nothing.  They hold the money and make money from it themselves.

Quote from: Riptide on February 18, 2017, 06:24:05 PM
You being serious Steve?

Using one of the 4 (or maybe 3) agencies for the deposit protection there are 2 ways of doing it.  Either via insurance or custodial.  Insurance method, register deposit with company, pay the insurance, keep hold of the money once registered for a fee.  Custodial, register deposit,  send them the money and costs you nothing.  They hold the money and make money from it themselves.

Yes! I was being completely serious! I didn't know the details of how both methods worked.. I have only ever heard of the insurance method...
That is exactly what I mean, I'm a newbie, and required an explanation, in fact, many people here are newbies, and while I had researched the deposit scheme, I must have overlooked the 2nd method..

Basic research, this. Very basic.