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Tenants - Deposit Protection Explained

When you rent a property with our office, you will be asked to pay a deposit. Typically this is t...

When you rent a property with our office, you will be asked to pay a deposit. Typically this is the equivalent to one and half months rent. Belvoir Colchester will then secure the deposit with the DPS (Deposit Protection Service).

One of the primary objectives of the introduction of Tenancy Deposit Protection is to raise standards in the lettings industry and ensure even-handed treatment of tenants at the end of the tenancy. It encourages agents/landlords to set up tenancies correctly through the use of formal tenancy agreements, inventories, condition reports and other necessary documentation. The legislation aims to ensure good practice in deposit handling, so that when a tenant pays a deposit and is entitled to get it back, he or she can be assured that this will happen. 

As the agent we are responsible for securing the deposit, you will receive notification from the DPS within 30 days of paying the deposit. This is usually a letter with two codes for your tenancy. It is an important document and should be kept safe until you decide to vacate. 

The DPS have a really informative website, so if you have any queries in regards to tenants deposits check it out here www.depositprotection.com

If you have any queries regarding our process for tenants please call our team on 01206 364 444 or email colchester@belvoirlettings.com

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