Now, more than ever, property agents need to ensure that their business practices meet standards required by legislation.

The Tenancy Deposit Scheme aims to help both landlords and tenants arrive at an equitable agreement in the event of dispute over return of a tenant’s deposit. The scheme covers all assured shorthold tenancies (ASTs) in England and Wales where a deposit is taken. All deposits for rent up to £25,000 per annum taken by landlords and agents under an AST must be protected within 14 days of receipt by the landlord.

Agents can hold deposits in their own bank account, or a special client account if the total exceeds a set amount. Should there be a dispute between the landlord and the tenant, the agent has two weeks to try and resolve it. If no agreement is reached, the deposit must be transferred to The Dispute Service Ltd and the complaint referred to the Independent Complaints Examiner (ICE), whether by landlord, tenant or agent.

Detailed and accurate property inventories constitute independent evidence in case of a dispute between landlord and tenant. An impartial, detailed inventory can save landlords and their agents a great deal of time and cost when there may be a need to resolve a dispute.

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