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  • Deposit Protection

    Tenancy deposit protection *Tip of the day* #2

    Today's tip comes from PT member & Landlord Mary Latham.

    Once you have chosen the Deposit Protection Scheme that you are going to use to comply with the law make sure that you check back regularly with the scheme web site.

    Check their terms and conditions to make sure that you are fully compliant at all times.

    The law on Tenants Deposit Protection has two important elements:

    1. A landlord must comply with the legislation
    2. A landlord must comply with all the terms and conditions of their chosen scheme.

    Failure to meet BOTH these legal requirements could cost you up to 400% of the amount of the deposit.

    Further tips from Mary's article >>> here.
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    Mary,

    Thank you for this important tip, I am new toBTL and find PT excellent source of information. Especially from experienced members as yourself. PT thanks for a great "font" of knowledge. Keep posting.

    SteveBig GrinBig Grin
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    Steve thank you, I love this site because both new and experienced landlords can always learn and sharing information is crucial to all of us.

    I wish you every success

    Follow me on Twitter@landlordtweets
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    Follow me on Twitter @landlordtweets