As a first-time landlord, can I manage tenant deposits myself, or am I legally required to use a government-approved scheme immediately after receiving payment?
Quick Answer
As a first-time landlord, you are legally required to protect tenant deposits in a government-approved scheme within 30 days of receipt and provide prescribed information. Failure to do so can result in significant fines and an inability to issue a Section 21 notice.
About This Topic
First-time UK landlords: learn essential tenant deposit rules. Protect deposits in government schemes within 30 days to avoid huge fines and legal issues.
This question is part of our Tax & Accounting category, providing expert guidance on UK property investment.
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