Lifetime Deposits Central Housing Group

Lifetime Deposits Demands For Safeguards

The Association of Residential Letting Agents has set out its demands should the governmental go ahead with proposals for lifetime deposits.

In its election manifesto the Conservatives pledged to introduce passports “to make private renting easier and cheaper.”

Now ARLA – which was represented on the government’s Tenancy Deposit Reform Working Group and made formal representations to the government in September suggesting how the current deposit system should be reformed – lifetime deposits – has commented on the latest proposal.

“If the introduction of a passporting system is to be viable the government must ensure that both the outgoing landlord’s deposit can be used if needed, whilst the incoming landlord has certainty, they will get the full deposit they have agreed with the tenant” it says.

And it continues: “Would this lead to the change in landlord and tenant behaviour? Most likely, however, the government must introduce a measure that reduces the risks landlords and agents face with three things that can help tackle or prevent negative behavioural changes in a passporting system.

“Firstly, a tenant guarantee. Secondly, a requirement to have an inventory. Thirdly, the requirement for a written tenancy agreement.”

And ARLA adds: “In the weeks and months ahead, ARLA Propertymark will be scrutinising the government’s proposals and working with Propertymark members to ensure the reforms are fit for purpose. “

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