Deposits

Deposit Protection Service

In April 2007 the Government introduced tenancy deposit protection whereby it is a legal requirement for all AST’S to have the deposit insured to prevent monies being taken unfairly from the tenants deposit.

It is important to have a professional and independent inventory produced at the start of each tenancy to work together with this legislation.

At the end of a tenancy, without having an independent inventory to compare the condition of the property against when the tenants move out, it is very unlikely to prove who is to blame for damages, cleaning issues etc.

Without the independent inventory from the start of the tenancy the tenant will receive back their full deposit, regardless of how they returned the property at the end of their tenancy. For obvious reasons this could prove to be costly, time consuming and stressful to the owners of the property.

Tenants deposits must by law be registered with one of the following schemes:

Deposit Protection Service (DPS)

MyDeposits

Tenancy Deposit Scheme (TDS)

It is vital that landlords protect their properties and follow the following guides:

• Keep a signed copy of the tenancy agreement
• Hire a professional and independent inventory clerk at the start and end of each tenancy
• Keep copies of all receipts, invoices, estimates, bills etc.
• Follow the rules relating to deposits.

For more information or to make a booking please don’t hesitate to contact us.