TENANCY DEPOSIT PROTECTION
From 6 April 2007, all deposits taken by landlords for what is called Assured Shorthold Tenancies – the vast majority of tenancies – in England and Wales must be protected by a tenancy deposit protection scheme.
To avoid disputes going to court, each scheme will be supported by an alternative dispute resolution service (ADR), whose aim is to make disputes faster and cheaper to resolve.
We are members of the
Deposit Protection Service
, which is the only custodial scheme in operation. Landlord & tenants can manage their accounts 100% online or by using postal methods, from registration to repayment. The deposit is also safeguarded by the Bank of Scotland’s Specialist Deposit Services team for complete peace of mind.
We will register the deposit with the DPS as soon as you move into your property. You will then be issued a unique deposit ID number. This can be used to view your tenancy and deposit details, and access the scheme riles.
At the end of the tenancy, both parties need to agree how the deposit should be repaid. The repayment of the deposit needs to be requested by landlord, agent or tenant and the other party then needs to confirm whether they agree with the proposal by way of acceptance form either online or by post. All deposits are repaid within 10 calendar days of the correctly completed acceptance form being received by the DPS.
An independent Alternative Dispute Resolution service will aim to resolve any disputes quickly and without the need for court action.
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