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| Tenancy Deposit Protection |
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From 6 April 2007, all deposits (for rent up to £25,000 per annum) taken by landlords and letting agents for Assured Shorthold Tenancies in England and Wales, must be protected by a tenancy deposit protection scheme. |
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| What are Tenancy Deposit Schemes? |
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The schemes allow tenants to get all or part of their deposit back when they are entitled to it and encourage tenants and landlords to make a clear agreement from the start on the condition of the property.
The schemes:
- allow tenants to get all or part of their deposit back when they are entitled to it
- make any disputes easier to resolve
- encourage tenants and landlords to make a clear agreement from the start on the condition of the property
There are two types of tenancy deposit protection schemes available. Both types provide a free dispute resolution service. The two types are insurance and a custodial scheme.
VIP Lettings and Management have chosen the custodial scheme for the maximum protection of Landlords and tenants. This scheme is detailed below: |
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| Custodial schemes |
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- the tenant pays the deposit to VIP Lettings
- VIP Lettings pays the deposit into a government authorised Tenancy deposit scheme
- The scheme provider used by VIP Lettings is the DPS (Deposit Protection Scheme)
Within 14 days of receiving a deposit
VIP Lettings will give the tenant the details about how their deposit is protected including:
- the contact details of the tenancy deposit scheme selected
- how to apply for the release of the deposit
- information explaining the purpose of the deposit
- what to do if there is a dispute about the deposit
At the end of the tenancy:
- if an agreement is reached about how the deposit should be divided, the scheme will return the deposit, divided in the way agreed by both parties
- if there is a dispute, the scheme will hold the deposit until the dispute resolution service or courts decide what is fair
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Further details can be found on:
http://www.direct.gov.uk/en/TenancyDeposit/DG_066383
https://www.depositprotection.com |
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