SCHEDULE 10 Provisions Relating to Tenancy Deposit Schemes
Housing Act 2004 (2004 c 34) | Legislation

SCHEDULE 10 Provisions Relating to Tenancy Deposit Schemes

Section 212

Schemes to be custodial schemes or insurance schemes

1

(1)     A tenancy deposit scheme must be either—

(a)     a custodial scheme, or

(b)     an insurance scheme.

(2)     A “custodial scheme†is a scheme under which—

(a)     tenancy deposits in connection with shorthold tenancies are paid to the landlords under the tenancies,

(b)     amounts representing the deposits are then paid by the landlords into a designated account held by the scheme administrator, and

(c)     those amounts are kept by the scheme administrator in that account until such time as, in accordance with the scheme, they fall to be paid (wholly or in part) to the landlords or tenants under the tenancies.

(3)     An “insurance scheme†is a scheme under which—

(a)     tenancy deposits in connection with shorthold tenancies are paid to the landlords under the tenancies,

(b)     such deposits are retained by the landlords on the basis that, at the end of the tenancies—

(i)     such amounts in respect of the deposits as are agreed between the tenants and the landlords will be repaid to the tenants, and

(ii)     such amounts as the tenants request to

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