The Tenancy Deposit Protection is now in force for all assured shorthold tenancies in England and Wales and deposit must be secured from all tenants. Nearly all new contracts for residential lettings are on ASTs and will be applicable from date deposit taken.
There are three options for landlords and letting agents.
The Deposit Protection Service. This is the only custodial deposit scheme. It's free and open to all landlords and letting agents. I tis funded by the interest earned from the deposits it holds. It will be available on line or on paper forms. The scheme has a supportive call centre.
Tenancy Deposit Solutions Ltd is an Insurance based scheme by Hamilton Fraser Insurance Service. Again open to all Landlord and letting agents. A fee is charged against misappropriation of funds. It also has a call centre.
The Tenancy Deposit Scheme is another Insurance based dispute and deposit scheme. A fee is also payable for misappropriation of deposits and it too has a call centre.
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