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Tenancy Deposit Protection (TDP)

 

As of 6th April 2007, it is required by law that all landlords protect their tenants' deposits under a Government-authorised tenancy deposit scheme. This new rule applies if the tenancy is classed as an assured shorthold tenancy.

At the beginning of a new tenancy agreement, the tenant pays their deposit to their landlord or agent, as usual. The landlord or agent must ensure that that the deposit is protected through one of three scheme providers, offering two types of scheme to protect the deposit.

Custodial schemes

Money is held by the scheme until it is time for it to be repaid at the end of the tenancy. The custodial scheme is free to use. The landlord simply puts the deposit into the scheme at the beginning of the tenancy. There is one custodial scheme provider.

Insurance-based schemes

The landlord keeps the deposit, and pays the insurance scheme to insure against the landlord failing to repay the tenant any money due. There is a choice of two insurance-based schemes.

Let GoHaven help you!

GoHaven Lettings uses the custodial scheme for protecting clients' deposits. If you have any further enquiries regarding the Tenancy Deposit Protection Scheme, please contact us.

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