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As part of the Housing Act 2004 the Government is introducing tenancy deposit protection for all assured shorthold tenancies (ASTs) in England and Wales where a deposit is taken. From April 6th 2007, all deposits paid under an AST should be protected within 14 calendar days of receipt by the landlord.

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.

The legislation covers virtually all new AST contracts through which private landlords let property in England and Wales.

However, the following will not need to be registered with a tenancy deposit protection scheme:
• resident landlords (those living in the property)
• landlords of tenancies with rent of over £100,000 a year
• company lets
• student accommodation let directly by universities or colleges.

Deposits taken before 6 April 2007 do not need to be protected by a scheme such as The DPS. However, as an existing tenancy is renewed and a landlord agrees a new fixed-term tenancy, the initial deposit taken must then be lodged with a tenancy deposit protection scheme.

We use The DPS (The Deposit Protection Service) to protect our tenant’s deposits. Details of this scheme and a step by step tenant guide can be found via the link below:

http://www.depositprotection.com/documents/tenant-guide-to-the-dps.pdf

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