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Deposit Protection
To speak with one of our agents now, call 0800 612 5228
From 6th April 2007 the government introduced the tenancy deposit scheme
which all landlords and letting agents must use as a legal requirement
when taking tenants deposits. There are certain types of landlords and
tenancies which are exempt, however these only apply to a very few. We
can provide more information if required.
As a general rule landlords letting a property using a standard tenancy
agreement will be bound by the legislation. There are three schemes in
the UK, we use the DPS - Deposit Protection Service.
The legislation aims to ensure that tenants who have paid a deposit to
a landlord or letting agent and are entitled to receive all or part of
it back at the end of that tenancy, actually get it. If you’re managing
the property yourself you must register with a deposit scheme, you have
30 days in which to pay the deposit in to a scheme, after that time the
tenant can take immediate legal action which could result in a court demanding
you repay the tenants deposit up to three times the original amount, you
may also find it difficult to evict the tenant if the bond has not been
protected correctly.
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