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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.