Another government enforced botch-up! Yes, they have £5 million tied up due to bureaucracy. Now a tenant cannot get money quickly (eg. in cash the day they move out) as was possible in the past when landlords kept the deposit. Much safer for everyone though we were told...
And landlords cannot get access to those deposits, where owed, unless the tenant says so. Even when they don't say anything, as in most cases where the landlord IS owed money. More paperwork and more hassle...
Funny how it's the tenants causing these issues and not the evil, nasty landlords that were targeted when the scheme was introduced! Wonder what the government have to say about that?
What was that quote I used a while ago..."For those that prefer rules over results, find a job at your local council (government)" At least they've got enough money to pay the wages, cover mistakes and pay for another review!
The facts:
"Over 8,000 deposit repayments valuing almost £5 million are waiting for the response of the lead tenant before the deposit can be repaid. In order to make a deposit repayment we need agreement from both the landlord / letting agent and the lead tenant, along with details of the correct payment method.
We are committed to repaying deposits as quickly as possible, so have undertaken a review of best practice in order to highlight enhancements that would make it easier to avoid deposits being held in limbo due to tenants not responding to requests for information......" - www.depositprotection.com
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