What is it?
All landlords and letting agents in England and Wales must protect their tenants deposit with a government authorised deposit scheme . There are strict penalties for those who fail to comply.
The scheme encourages tenants and landlords to make a clear agreement from the start of the tenancy on the contents and condition of the property. This is done by providing a detailed inventory and a schedule of condition at the start, and then at the end of the tenancy. This should be checked and verified by a professional independent person such as an inventory clerk. This then ensures that the report is impartial and unbiased and provides peace of mind for the tenant and landlord.
In the event that there is a dispute at the end of the tenancy, and to avoid going to court, each scheme will be supported by an alternative dispute resolution service, whose aim is to make disputes faster and cheaper to resolve.
A landlord must place deposits in a government backed tenancy deposit scheme if a property is on an assured shorthold tenancy that started after 6 April 2007. In England and Wales a deposit can be registered with:
The Deposit Protection Service (The DPS)www.depositprotection.com
The Tenancy Deposit Scheme (TDS)www.tds.gb.com
For more information click on the links provided which will take you through each scheme in more detail.