FSCS protects customers when authorised financial services firms fail. Section 21 of the Housing Act 1988 allows a landlord to repossess a property of a shorthold tenancy once the fixed term has ended by giving the tenant a notice of 2 months. Fast facts about your deposit: Your landlord is solely reponsible for protecting your deposit. Deposit was required to be protected because of the renewal even though no money actually changed hands. Deposit was never protected nor repaid therefore (quite sensibly) landlord ordered to pay 3 x deposit plus repayment. So if I get my deposit back or some of it back am I then not entitled to claim compensation for late protection of the deposit? Get advice. Reply. If your deposit is not protected, your landlord is liable for a penatly. Both the Insurance Based and Custodial Schemes provide details of an Alternative Dispute Resolution Service (ADR). If you are unsure whether your deposit was registered with an appropriate deposit protection scheme, chances are, your deposit was not protected.. At present landlords must protect a deposit with an authorised scheme within 30 days of receiving it. We can check to see if your tenancy deposit has been protected, and if it hasn’t, we can pursue your landlord for compensation. It is written in Section 213 of the Housing Act 2004 that all tenants and guarantors must be given information proving the deposit is protected, this is usually called a Deposit Protection Certificate. The amount of available financial means of a DGS has no impact on the Deposit not protected by landlord; what compensation am I entitled to? The letter tells your landlord that you are not happy that your deposit has not been protected and that you plan on applying to the court to have it protected or refunded and/or to claim compensation. A team of consultants will review your case and advise you on your options. If you have multiple deposit accounts with one bank, building society or credit union – or several accounts with different brands that come under the same authorisation – you will only be protected under the FSCS up to a total of £85,000. Boyle v. Musso 25 October 2010 Bristol County Court. Deposit protected by Capita was subsequently transferred to MyDeposits. Although TDS does not police the legislation, a landlord could be faced with court action, a potential penalty and restrictions which will affect the ability to serve notice for possession, if the requirements are not complied with correctly. The directive maintains the deposit protection of €100,000, and includes a gradual reduction of the repayment times of deposit guarantees. It also restates the principle of resolving bank failures with the use of funds provided by financial institutions, and not by taxpayers. Discover how we can help you. Most businesses are protected but authorised financial services firms are not. [Continued in the post below] Tags: None. If your landlord has broken the law you are able to sue them for an amount that is up to fourfold your deposit. If you want to start the repayment process, but haven’t got an online account, you’ll need to set one up. In this situation, the business is the protected entity, not each individual. The level of deposit protection in the EU is harmonised at €100,000 (or equivalent amount in the local currency), and this amount is guaranteed irrespective of the current level of available financial means of any Deposit Guarantee Scheme (DGS). Our Basket Equity Linked Deposits are NOT capital protected. If you do not receive a certificate within this 30 day period it is highly likely you are entitled to claim compensation from your landlord. There is no size test. Compensation for not protecting the deposit Many tenants think that they will be awarded three times the value of the deposit, also, the deposit back too. Tenant refuse any negotiations. 31-01-2016, 13:45 PM. Tenancy Deposit Claims have a team of experts that can guide you through your claim, from start to finish. However, the deposit was protected during the tenancy on 5 March 2013 and the prescribed information was provided on 8 July 2013. We lived in the house for almost six years and the landlord only protected it five years into our tenancy which was believe he did as he planned on getting me out. Our deposit was properly protected (it was a residential flat, not a holiday let), but the terms of receiving our deposit back was that the letting agent had to conduct an inspection at the end of the 28 days, after which point they would start the process to release it--so we can't currently do anything until they confirm they've done the inspection, which might not be possible at the moment. Where a deposit has not been protected within the prescribed time, landlords must return the deposit to the tenant or face being prevented from recovering possession of the property. Any chances to avoid penalty? Have you paid a deposit on a rented property after 2013? Yes No. I was not asking for compensation! Mikeymike on 07/09/2017 at 8:11 pm Thanks Giles. Deadlines for protecting your deposit If your deposit was not protected, or it was protected more than 30 days after you paid it, your landlord or agent has broken the law. Reply. Tenancy Deposit Protection Claims: Claiming compensation if a deposit is not protected. Remember, this is a penalty against the landlord for not adhering to tenancy deposit legislation. All Member States extend this guarantee to their depositors. Deposits of Estonian branches of foreign credit institutions which are guaranteed and compensated under a guarantee scheme of the home country of the credit institution to the same or a higher level than prescribed by the Guarantee Fund Act shall not be guaranteed and compensated out of the Sectoral Fund. Background information: housemate and I originally signed for a property rental from 01/07/2015 to 30/06/2016, from an estate agent acting on behalf of a landlord. Deposits of Estonian branches of foreign credit institutions. If your deposit was not protected, or it was protected more than 30 days after you paid it, your landlord or agent has broken the law. Give your landlord a deadline to respond to you, otherwise you will make a claim. Using deposit protection schemes - the official schemes, information you must give tenants, what happens if you do not protect a deposit, disputes and advice You are then entitled to the return of the deposit, and up to 3 times the amount of the deposit as compensation. DEPOSIT NOT PROTECTED? Recent research shows that the average deposit in the UK is £800 with much higher deposits being paid on London properties. Normally your landlord will start the repayment process, though you can do this too by logging into your online account. We paid a £600 deposit which was protected. If your landlord has failed to protect your deposit you may be entitled to compensation of up to 3 times the value of your deposit. Landlord ordered to pay deposit plus 3 x compensation. See a full list of who isn’t protected in the Prudential Regulation Authority’s Rulebook. They usually have 30 days after you’ve paid it to put it in a TDP. If, however, they issued proceedings and then you protected the deposit, you stand to lose three times the deposit. 1 like; esotehric. ... not protecting your deposit at all or protecting it too late i.e. Our Basket Equity Linked Deposits are NOT protected deposits under the Deposit Protection Scheme in Hong Kong. If you can answer yes to the following two questions then you may be entitled to claim compensation. What if my deposit is not protected? The Problem. You could be entitled to compensation of up to £85,000. Landlords have an obligation to pay deposits received from Tenants into a deposit protection scheme. The law states that every Landlord who takes a deposit from a Tenant has to protect that deposit by lodging it with one of 3 tenancy deposit protection schemes. Protecting the tenancy deposit may seem like a small part of the letting transaction, but it’s a key part of the process that you should not ignore. I return full deposit. You can still claim this compensation if your landlord has returned your deposit but they didn’t protect it while you were in the property or they protected it late. Section 213 and Section 214 of the Housing Act makes it very clear – If a tenant has an AST (Assured Shorthold Tenancy) and their deposit is not protected in a deposit protection scheme within 30 days of the deposit being paid, then the landlord MUST return the full deposit as well as up to 3 times the amount of the deposit as compensation . The tenant made an application for the penalty as a counterclaim to possession and rent arrears where at the first hearing it was held-“Finally, the Defendant seeks a penalty pursuant to Sections 213 to 215 of the Housing Act 2004. Member. The keyword is “up to” 3 times, which does not mean, that the tenant will automatically receive three times the value of the deposit. Giles Peaker on 07/09/2017 at 7:08 pm Depends what you mean by ‘released’, but sounds like no deposit taken/retained for second tenancy. Provided you protected the deposit, albeit late, and provided it was done before they issued legal proceedings, then they cannot claim the statutory three times the deposit as compensation. Landlords have an obligation to pay deposits received from tenants into a deposit protection scheme. Disputes with your landlord can be particularly stressful. Press the button below to get contacted about your deposit! What if my deposit was not protected correctly? The law states that every landlord who takes a deposit from a tenant has to protect that deposit by lodging it with one of 3 tenancy deposit protection schemes . after the 30 day deadline. We are joint account holders of a business account. Was this page useful? 5. Reply. ^ weeks later a receive letter from court – tenant demand return part rent for last month and compensation for not protecting her deposit. Your deposit doesn't have to be protected if you're a lodger or a student in halls. And that’s not all – you can claim compensation of one to three times your deposit if your landlord didn’t protect it in a TDP. You may claim compensation between 1x and 3x the original deposit. Join Date: Jun 2015; Posts: 14 #2. The tenant has the right to seek compensation if the landlord does not provide them with information about the Tenancy Deposit Protection Scheme used. The law says “up to” 3 times the amount of the deposit. Enforcement. What happens if a deposit dispute occurs? I could upload my letter before action if enough want it. It also doesn't have to be protected if you rent privately and have an assured or protected tenancy. It gives your landlord the opportunity to put things right if they want to try and avoid going to court. Our Tenancy Deposit Claims Solicitors are experts at claiming compensation for tenants who have faced issues with their landlord about deposit protection schemes and getting their deposit money back at the end of the tenancy. If your deposit is protected in our Custodial scheme. However the deposit is released at the end of the first tenancy and the deposit is not protected for the second. The compensation for the tenant is equivalent to three times that of the deposit. YOU CAN CLAIM COMPENSATION HERE. Was it protected? Your deposit has to be protected even if someone else paid it for you, for example your parents or a friend. † Not capital protected. It is estimated that around 50% of deposits are not protected correctly by landlords . The FSCS compensation limit applies to all deposits you have with an authorised institution, which may include several banking and building society brands. Thanks! Is there an issue with this page? You could be entitled to compensation. 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