SINCE April 2007, private landlords have been required by law to place a tenant's deposit in a 'statutory tenancy deposit scheme', which is designed to ensure that the tenant's money is protected.
In a bid to assist landlords who are prepared to accept a tenant who is homeless or threatened with homelessness, West Devon Borough Council can offer a bond guarantee to save the administrative headache of the compulsory scheme.
The bond will cover damages and rent arrears up to a fixed sum, usually a maximum of 2 months' rent, where the landlord is prepared to agree to an initial fixed term of at least 12 months. The scheme is exempt from the statutory tenancy deposit scheme as no money changes hands at the beginning.
For further information on the scheme, or advice on the statutory tenancy deposit scheme, phone the housing advisors on 01822 813600.