Deposit protection is a core part of the lettings process in the UK and it’s easy to get wrong. Penalties are high and making a mistake can cause you all sorts of problems.
Since 6 April 2007, landlords have had to protect tenant deposits using either custodial or insurance-based protection schemes. Landlords (or their agents) have 30 days – from receipt of the funds – to protect the deposit and send the tenants information relating to the protection scheme they’re using.
Getting this wrong (or simply forgetting) can land you with fines of 3x the deposit amount, and make serving valid Section 21 notices difficult.
To help keep track of these deadlines – and avoid falling foul of the law – RentCentral will now offer to add a calendar entry every time you record a deposit.
When you receive a deposit, simply create a new transaction (or add an explanation to an uploaded bank statement entry). Select Money in – Deposits from the category list, and you’ll be offered the option to automatically add a 30-day reminder to your RentCentral calendar.
Pro users can get the RentCentral calendar on their smartphone by linking to the iCal feed (more at http://www.rentcentral.co.uk/faqs/).
If you’re a Core user, don’t forget you can try the free 30-day Pro Trial, which includes iCal feeds as well as many more tasty features.
Official advice about the deposit protection is available at https://www.gov.uk/tenancy-deposit-protection/overview