Tenancy Deposit Protection

From 6 April 2007, all deposits (for rents up to £25,000 per annum) taken by landlords for Assured Shorthold Tenancies in England and Wales must be protected by a tenancy deposit protection scheme. Tenants should ask their landlord about the details of the scheme when signing a new tenancy agreement.

Tenancy Deposit Protection has been introduced:

To ensure good practice in deposit handling, so that when a tenant pays a deposit, and is entitled to get it back, they can be assured that this will happen.

To assist with the resolution of disputes by having an Alternative Dispute Resolution service (ADR). It will also encourage tenants and landlords to have in place, from the outset, clear agreement on the condition of the property through best practice, such as the use of inventories, and agreement on the condition of the property.

REB Letting has chosen to join The Deposit Protection Service (DPS)

On Managed Properties, REB Letting will register the deposit under the DPS scheme and make sure it is protected as required by law.

For more details on the DPS Click Here

Where we are simply letting the property on behalf of the landlord, the deposit may be passed to the landlord who will have to register the deposit in a scheme of their choice.

 

 

.