New regulations are making resolving disputes between landlords and rental customers over payment and deposits fairer, according to Foxtons estate agents.
The government is rolling out a new tenancy deposit scheme which ensures that any dispute over rental payments does not affect the deposit a tenant puts down for their accommodation until the argument has been examined by external arbiters.
The scheme, which was introduced last month, affords tenants better protection than previous arrangements, whereby landlords could decide to take deductions from a tenant's deposit or withhold it entirely.
"By using arbitration to settle any disputes, the new tenancy deposit scheme provides much needed clarity and fairness to the system," commented Foxtons' lettings director, Ed Phillips.
However, the 28-day 'target' arbitration period could leave some landlords and tenants frustrated by delays in getting their dispute resolved, Mr Phillips warned.
"Often tenants are dependent on their deposits to finance their next move," he stressed.
Rental properties are increasingly in demand as more young people rent to save for their first home, and equity release becomes a more popular option among Britons of retirement age.
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