With the Tenancy Deposit Scheme legislation being tightened from the 6th April. There is no longer any way of avoiding protecting your tenants deposit.
This should focus a landlords attention on what happens if there is a dispute with the tenant at the end of the tenancy.
If this happens the case will go to arbitration. The latest figures according to Deposit Claim indicate that landlords lose money in 92% of deposit protection claims. Even more worrying is that landlords lose all of their money in 49% of their claims. Not a great record!
One of the essential things for a landlord is to make sure they prepare an effective residential inventory.
If you need some advice over a disputed tenancy deposit have a look at Tom Derrett's website Deposit Claim. Tom has given Property Hawk users some really useful advice on winning deposit disputes over the years. Look out for the magazine article next week about using photographic and video evidence in compiling your inventory.
Landlord insurance - all risks