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Deposit Scheme

Deposit Scheme

As of 6 April 2007, all landlords and lettings agents taking deposits for Assured Shorthold Tenancies (ASTs) in England and Wales must safeguard them with a Government-authorised tenant deposit protection scheme.

This also applies to all existing tenancies that are renewed after 6th April 07.

There are 3 options available:

1. The Deposit Protection Service (DPS)(www.depositprotection.com)

The DPS operate a free custodial scheme holding the money in a separate account.

2. The Dispute Service Ltd (www.tds.gb.com)

This is an insurance-based scheme aimed primarily at lettings agents.

3. Tenancy Deposit Solutions (www.mydeposits.co.uk)

This is an insurance-based scheme aimed primarily at private landlords.

Belvoir! Bury St Edmunds is a registered member of the Deposit Protection Service.

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