Tenancy Deposit Protection

On 6th April 2007, new Tenancy Deposit Protection laws came into force.

CONTACT US FOR A FREE INFORMATION LEAFLET

There are three schemes which are required to be open to both private landlords and letting agents to join and make use of if they wish.

cmRENT are members of the TDS, which is the scheme recommended by ARLA;

The Dispute Service (TDS) is an Insurance-based scheme and was established back in 2003 to provide independent dispute resolution and complaints handling for the lettings industry. It has been running a voluntary tenancy deposit scheme for use by regulated agents since that time and is backed by the three professional bodies for letting agents in the residential property sector, ARLA, NAEA and RICS. For more information visit the website http://www.thedisputeservice.co.uk/ or call 0845 226 7837.

The two other schemes available are; 

Tenancy Deposit Solutions Ltd (TDSL) is an Insurance-based scheme; it is a new company set up as a partnership between the National Landlords Association and Hamilton Fraser insurance brokers. For more information visit the website www.mydeposits.co.uk/
 

The Deposit Protection Service (DPS) is the sole Custodial scheme - the running costs of this scheme are funded entirely from the interest earned on all the deposits held by the scheme. The Custodial scheme is run by Computershare who have administered similar schemes for some years in other parts of the world, particularly Australia and New Zealand. For more information visit the website www.depositprotection.com

To find out more information about how this may effect you, please contact us for advice or click onto the following link to the government's information website;

http://www.direct.gov.uk/en/TenancyDeposit/index.htm