A few things you need to know...
Under the Housing Act 2004, from 6 April 2007 all bonds must be protected under one of the three UK government approved schemes.
- Stoneacre Properties are a qualified member of member of The Dispute Service Ltd.
- Stoneacre have been approved to hold deposits as a Stakeholder which means that agreements between the Landlord and Tenant must be reached regarding any proposed deductions at the end of the tenancy. If deductions cannot be agreed amicably then both the landlord and tenant agree to arbitration via TDS.
- Landlords are entitled to hold their own bonds if Stoneacre Properties witness that they are a member of one of the three bond schemes and evidence that the bond has been registered within 14 days of it being transferred has been received in the form of a protection certificate.
- Tenants are fully entitled to know which scheme their deposit is registered with. Stoneacre Properties always issue both the tenant and landlord with a 'certificate of bond registration' within 14 days of a bond being received, as defined in the Housing Act 2004.
- Failure to comply fully will result in the Landlord being liable to a fine of three times the deposit amount, payable to the Tenant. In addition the Landlord may be ordered to repay the deposit to the Tenant with immediate effect and will lose the usual right to obtain possession under the Act.
Stoneacre Properties charge a nominal fee to register, protect and hold a bond on behalf of a landlord.
Stoneacre always recommend that landlords also protect their property with an inventory. These are included within our 'fully managed property' service, or available at extra cost with our 'find tenant only' service.
If you require any more information about our bond schemes and how your bond will be or is being protected, do not hesitate to contact us.