Tenancy Deposit Protection (TDP) applies to all new Assured Shorthold Tenancies (AST's) as of 6th April 2007 where a deposit is taken.
TDP is a key consumer-protection measure, which will also introduce a simpler way of resolving deposit disputes and help raise standards in the private rented sector.
How Does TDP Work?
There are two types of scheme, two insurance based and one custodial. Belvoir Mansfield Lettings are registered with the custodial scheme (1622733).
When a deposit is paid to Belvoir Mansfield Lettings we will register the deposit and pay the monies to the the Deposit Protection Service who will hold it for the duration of the tenancy. The tenant has the legal right at any time and at no cost to check with DPS that the deposit is in place.
At the end of a tenancy, if the landlord and tenant are in agreement on how the deposit should be dealt with, the DPS will refund the deposit on that basis.
If the landlord and tenant cannot reach an agreement then either party can use Alternative Dispute Resolution (ADR). The ADR decision is final and DPS will refund the deposit in accordance with their decision.
If the landlord or tenant do not communicate via the appropriate channels on the DPS, either party can claim for the deposit via the ‘single claim’ route providing 14 days has passed.
For further information please contact the office who will be pleased to answer any questions you may have.
Alternatively visit www.depositprotection.co.uk