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If you have a tenancy that started after April 2007 and you take a tenancy deposit, under the provisions of the UK Housing Act 2004, the landlord must protect the deposit, using a government-approved Tenancy Deposit Scheme and serve all the required documentation within 30 days of receiving the deposit.
The Deposit Protection Service’s custodial tenancy deposit protection scheme is accredited by the Government. It is provided free of charge, and funded entirely by the interest earned from deposits held in the scheme. The DPS was approved by the UK government to run an insured TDP scheme in September 2012 in addition to the.
Custodial. Deposit Protection Service (DPS) The benefit of this scheme is that it is free to landlords however you are required to transfer the deposit to the DPS for the duration of the tenancy. A free Alternative Dispute Resolution service is also provided.
Free for landlords and agents to join. You can do it online, post or phone. Lodge the deposit for protection: Add all the key details about the deposit and lodge the money with us to safeguard.
Custodial Deposit Protection. With a custodial scheme, the money is collected by a landlord or agent and then lodged within a government-approved protection scheme. This scheme provider then takes custody of your money and holds it for the duration of the tenancy, only releasing it once both.
The Custodial Tenancy Deposit Scheme. The custodial scheme is free to use for landlords. Its’ running costs being financed using part of the interest generated from the deposit monies it holds. It involves the landlord having to hand over the deposit monies to a third party organisation of which there are 3: Deposit Protection Service (DPS).
Two new custodial deposit schemes have launched, meaning landlords who prefer a custodial deposit scheme now have a choice of three providers. TDS Custodial and My Deposits will hold the tenant’s deposit money for the duration of the tenancy. Previously the Deposit Protection Service (DPS) was the only provider to offer a custodial scheme.