TENANCY DEPOSIT PROTECTION (LANDLORDS)

Tenancy deposit law was introduced on 6th April 2007 and provides protection for tenants by preventing landlords and letting agents from unfairly withholding a deposit. The scheme protects all Assured Shorthold Tenancies in England and Wales (covering most tenancies since 1997).

What is it?

Tenancy Deposit Protection is designed to ensure:

  • you get all or part of your deposit back, when you are entitled to it
  • any disputes between you and your landlord or agent will be easier to resolve
  • landlords and letting agents who do not protect tenancy deposits will have to pay their tenant back three times the deposit

How does it work?

The Government has awarded contracts to the following companies to run tenancy deposit protection schemes.

The Deposit Protection Service (The DPS)
www.depositprotection.com or 0870 7071 707

The DPS is the only custodial deposit protection scheme, is free to use and open to all Landlords and Letting Agents. The service is funded entirely from the interest earned from deposits held. Landlords and Letting Agents will be able to register and make transactions online. Paper forms will also be available should internet access be an issue. The scheme will be supported by a dedicated call centre and an independent dispute resolution service.

NB We have however heard that, on some occasions, it has taken up to 6-8 weeks to get bonds back with this scheme.

Tenancy Deposit Solutions Ltd (TDSL)
www.mydeposits.co.uk or 0870 703 0552

This is the scheme we as Agents use, as well as the majority of our individual landlords.

TDSL is a partnership between the National Landlords Association and Hamilton Fraser Insurance. This insurance-based tenancy deposit protection scheme enables landlords, either directly or through agents, to hold deposits. Letting agents can also join the scheme.

If you chose to go with this scheme through us, the Agents, the charge will be £58.75. For this we will protect your bond giving the tenant a copy of the certificate as proof, carry out a full and thorough inventory and condition of the property with photos kept on file in the office, and give a copy of this inventory to you, the Landlord, and to the Tenants. We will also make sure the correct amount of bond is given back to the Tenants at the end of the let, providing all parties agree.

If you chose to do this yourself, this can be done online at www.mydeposits.co.uk or telephone 0871 7030552. However, we strongly advise you must also complete your own inventory and condition of the property. It is advisable to take some photos as backup proof. A copy of the inventory must be given to us in order that we give a copy to the tenant on the day they move in and we ask they check and return it with any amendments within 7 days. It will also be you’re responsibility to return the correct amount of bond back to the Tenants at the end of the let, providing all parties agree.

Name:

Address of Property:


Telephone Number:

Please select the ONE scheme you would like to use to protect the bond of your property:

I would like to protect the bond using DPS and will organise this myself and give a copy of the relevant documentation to the tenant and agent when the tenancy starts.

I would like Lets-Move to protect the bond using TDSL at a price of £58.75 - which includes inventory with photos held in the office.

I would like to protect the bond myself using TDSL and will do an inventory with photos myself.

Before submitting this form, please print and sign the sections below. Post the signed form to: Lets-Move.net, 8 Bedern Bank, Ripon, North Yorkshire, HG4 1PE.

In the event of an emergency, and you need to get this form to us quickly, please print, sign and scan it to email back to us at infoletsmove.net@btconnect.com.

Signed:
Date: