If you are a landlord in England and Wales and you enter into a tenancy and take a deposit from your tenant on or after the 6 April 2007, or you renew an existing tenancy on different terms to the previous tenants e.g. there is an increase in the deposit after this date, the deposit must be protected in a government authorised tenancy deposit scheme (this rule only applies if the tenancy is an assured shorthold tenancy).
Ibbett Mosely are registered with both the Deposit Protection Service (DPS) and the Tenancy Deposit Scheme (TDS). The DPS is open to all landlords and letting agents and, is the only scheme that is free to use. Funds are secured with UK Government approved banks so, for safe, secure and straightforward deposit protection we believe the DPS is ideal. The landlord has a statutory obligation to make certain information regarding the protection of the deposit and tenancy related information available to the tenant and to any third party within fourteen days of receiving a deposit. The DPS will provide this information to the tenant if the landlord registers for the service.
Alternatively registering deposits with the TDS involves a slightly different procedure, again free to both tenants and landlords, whereby we register the deposit, obtain certification confirming this, copy of which is given to tenants. Funds are then retained and fully insured by Ibbett Mosely LLP and deposited in a separate Clients’ Account for the duration of the tenancy.
Deposits are protected to ensure :-
- If a deposit is returned the tenant gets part, or all of their deposit back.
- If there is a dispute between the landlord and the tenant it will be easier and cheaper to resolve.
- If either party cannot agree to the release of the deposit then Alternative Dispute Resolution is available as an option.
For further information and details on registering with the DPS please go to their website www.depositprotection.com. If your property is fully managed Ibbett Mosely are registered and will send the deposit direct to the DPS.