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Deposit Protection

From 6 April 2007, by law all deposits (for rent up to £25,000 per annum) taken by landlords and letting agents for Assured Shorthold Tenancies in England and Wales, must be protected by a tenancy deposit protection scheme.

We protect our deposits with The Deposit Protection Service, for more information click here or read the information provided below...

DPS

THE DEPOSIT PROTECTION SERVICE
A TENANT’S GUIDE

Your landlord/letting agent’s responsibilities

If you are renting a property, then you probably will have been asked to pay a tenancy deposit. In April 2007 it became law that all assured shorthold tenancy deposits received
by landlords and letting agents must be protected in a Government-authorised tenancy deposit protection scheme.

The Deposit Protection Service (The DPS) is the only custodial scheme authorised by the Government. We require that the money you paid to your landlord/letting agent is physically paid over to us to safeguard for the duration of the tenancy. The deposit will be repaid at the end of the tenancy when both parties have reached agreement on its distribution.

How does The DPS work?
1. You pay your deposit to your landlord/letting agent
2. Your landlord/letting agent must pay the deposit over to The DPS within 14 days of receiving it and provide us with the tenancy details and your contact details. They also have a legal requirement to provide you with certain information about the tenancy - full details can be found on our website. Supplying your mobile phone number and/or email address to your landlord/letting agent is essential.
3. On receipt of the deposit, we will contact you and your landlord/letting agent to confirm that your deposit is protected. You will also be issued with your unique Repayment ID number. This is five digits long and must be kept somewhere safe as you will need this to request repayment of your deposit from us at the end of your tenancy.

Your responsibilities: updating your details
Your landlord or letting agent will register your details with us, so make sure they have your up-to-date details, most importantly your mobile phone number and/or email address. If you change your mobile phone number or email address during your tenancy, please make sure you contact The DPS to update us with this information. It is your responsibility to do so and will enable us to make the deposit repayment process as efficient as possible. In addition when you move out please ensure that The DPS has your new forwarding address. It is important that you update the system with this address as your landlord/agent cannot do it for you.

You can update your contact details in one of four ways:
Contact details

Landlords and Tenants: the repayment process
At the end of your tenancy, you and your landlord/letting agent need to agree who is entitled to the deposit. Once this has been decided, you can let us know. We need to hear from both you and your landlord/letting agent before we will make any repayment. You must fill out a Joint Deposit Repayment form, either online or using the paper form, providing us with your unique Repayment ID number.

PCHelpful hint
Remember that everything can be done online. This helps to make the repayment process as quick and easy as possible. Once an online account is set up both parties can:
> Update their own contact details
> Submit a Joint Deposit Repayment Form
> Consent to use the ADR service.

What happens if we can’t agree on how the deposit is repaid?
The DPS run an independent Alternative Dispute Resolution (ADR) service which aims to resolve any dispute quickly and without the need for court action. It is an evidence-based
adjudication service, but requires the consent of both parties.

Want to find out more? Visit www.depositprotection.com

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