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Tenancy Deposit Protection Schemes

Any landlord requiring a deposit on an Assured Shorthold Tenancy, is required to join a Tenancy Deposit Protection Scheme.

The Schemes are of 2 types:

  • i. Custodial: the scheme administrators will hold the deposit. No charges apply.
  • ii. Insurance: where the landlord holds the deposit but has to pay an insurance premium.

The Landlord must provide details to the tenant, within 14 days of taking the deposit, which of the schemes is being used.

The landlord - not the tenant - will decide which of the 2 schemes to use.

To avoid disputes going to court, both schemes will be supported by an alternative dispute resolution (ADR) service - although the use of this will not be compulsory.

If deposits are taken but are not protected by one of the statutory schemes, the tenant will be able to go to court to get an order requiring the landlord to either provide information about the scheme under which the deposit is held or to return it to him, and the court will at the same time order the landlord to pay the tenant a fine of 3 x the amount of the deposit. Also, landlords will not be able to use the no fault section 21 procedure for obtaining possession of the property.

SPECIFIC SCHEMES:

The Deposit Protection Service (DPS)

  • This is free to use and open to all landlords and lettings agents.
  • It is funded by interest earned from deposits.
  • Can register on line.
  • Supported by a dedicated call centre and an independent dispute resolution service.

www.depositprotection.com

Tel: 0870 707 1707

 

Tenancy Deposit Solutions Ltd

  • Is a partnership between the National Landlord Association and Hamilton Fraser Insurance.
  • This insurance based tenancy deposit scheme enables landlords either directly, or through agents, to hold deposits.
  • Lettings agents can also join the scheme.

www.mydeposit.co.uk

 

The Tenancy Deposit Scheme

Is an insurance backed deposit protection & resolution scheme run by the Dispute Service, that Builds on a scheme established in 2003 to provide dispute resolution and complaints handling for the lettings industry. This scheme enables lettings agents & landlords to hold deposits.

www.tds.gb.com

Tel: 0845 226 7837

 

For more information visit:

www.direct.gov.uk/en/Tenancy/Deposit/index.htm

 

For information on how to claim back your deposit

www.wheresmyrefund.co.uk

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Last Modified: 5 Aug 2013
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