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What is Deposit protection?
Deposit protection means placing a tenant's deposit in a government approved tenancy deposit scheme. In England, landlords must protect an assured shorthold deposit within 30 days of receiving it.
Why it matters to landlords
The approved schemes are the Deposit Protection Service, mydeposits and the Tenancy Deposit Scheme. You must also give the tenant the prescribed information within 30 days.
Deposits are capped at five weeks' rent where the annual rent is under £50,000. Failing to protect a deposit can lead to the tenant claiming compensation through the courts and can make it harder to regain possession.
Compliance pillars in VoxaMTD →