Self managed landlords typically have to register and run their own account. Those using managed agents can often use their services for tenancy deposit protection. We are able to offer those landlords that do not wish to get involved in their own deposit accounts a unique facility to use our own tenancy deposit account with the Deposit Protection Service.
This way you can be safe in the knowledge that your tenant’s deposit is protected as we deposit the funds into the DPS account on your behalf. We can also help you through the process at the end of the tenancy meaning that there is little or no involvement on your part!
Click the relevant service order on the right hand side to request to use our service, or, if you wish to setup your own scheme with one of the 3 approved scheme operators in the UK then we will also be able to help you with no charge. Just give us a call today.
Whenever a deposit is taken from a tenant as part of an AST agreement, either by a landlord directly or by a managing agent, it must be protected in one of the government backed schemes. There are 2 types of schemes the Custodial Scheme and the Insurance-based scheme. With both these schemes, within 30 days of being paid the deposit, the landlord or agent must provide details of how the deposit is being protected, including:
– The contact details of the chosen tenancy deposit scheme
– The landlord or managing agent details
– How they can apply for the return of the deposit
– The details concerning the purpose of the deposit
– What to do if a dispute arises regarding the return of the deposit
At the end of the tenancy there are a few differences regarding the refund of the deposit.
If an agreement is reached between both parties, the deposit will be divided up (if required) and returned accordingly. If a dispute arises, the scheme will hold onto the money until the Courts or the dispute resolution services solve the disagreement.If an agreement has been reached by both parties, the landlord returns some or all of the deposit to the tenant. If a dispute arises, the landlord must hand over the deposit to the scheme until a resolution is reached. If the landlord fails to comply, the scheme returns the deposit to the tenant, if they are entitled to it.