It is always good practice when renting out a flatshare to offer your flatmates an assurance that when they reach the end of their tenancy they will get their deposit back in full, subject to not damaging the property and assuming they have upheld their end of the tenancy agreement.
Tenancy Deposit Schemes offer this, and in the case of properties that are let without the landlord in residence the use of these schemes are required by law should you be a landlord letting a property on an assured shorthold tenancy.
Whilst not required by law in the case of a flatshare when you live with your tenant Tenancy Deposit schemes offer not only the protection of deposits, but they also provide a means of resolving disputes at the end of a tenancy.
Should you decide to enroll in such a scheme, you should only use one of the following, as these are government recognised schemes and are protected by law.
MyDeposits
Deposit Protection Service
Tenancy Deposit Scheme
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