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Deposit

Tenancy deposit protection:

Tenancy deposit scheme came into law in 2007. They aim to protect tenants' deposits from dishonest landlords and agents and to offer independent arbitration in any dispute about returning all or part of the deposit at the end of a tenancy. Tenants are most likely to look after the property if they know their money is being help as part of an official scheme.

Every agent in England and Wales must be a member of a tenancy deposit scheme; there are three government-authorised schemes to choose from:

 

Custodial scheme:

Known as the Deposit Protection Service (DPS), this is the only custodial scheme available. The deposit is held by the scheme and not by the agent or landlord. The scheme is funded by the interest earned from the deposits it holds. The custodial scheme is completely free to use.

 
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