If you ask for a bond, you must pay it into an authorised tenancy deposit protection scheme within 30 days. The aim of this is:
- to protect the tenant's money;
- and to make sure that disputes are settled fairly at the end of the tenancy.
There are three schemes:
- Deposit Protection Service phone: 0870 707 1707.
- Tenancy Deposit Scheme phone: 0845 226 7837.
- mydeposits: Tenancy Deposit Protection for Landlords and Agents phone: 0844 980 0290.
If you do not use a scheme to protect the bond, the County Court can order you to do so. They can also order you to pay three times the bond to your tenant as compensation and punishment.
Failure to protect the bond will also restrict the reasons you can use to evict your tenant.