Chesterton comments on Tenancy Deposit Protection

In anticipation of the introduction of Tenancy Deposit Protection, Richard Davies, Lettings Director of Chesterton Global, comments:

“Any measure which roots out rogue lettings agents is good news for the industry. The image of reputable lettings operators has been tainted for too long by those who choose to operate in an unprofessional manner.

“At Chesterton we hold the deposit for 95% of tenancies, where a landlord has instructed us to let and manage their property. As the majority of our tenants are corporate tenants, then they stipulate that the deposit must be held by the agent and not the landlord. However, even though only a small percentage of our landlords do hold the deposit, I applaud the move to ensure these deposits are safeguarded, although we do have a landlord assessment process in place which means the tenant is already some way protected.”