THE DEPOSIT PROTECTION SERVICE
Under the Housing Act 2004, the Government has introduced compulsory measures to protect tenants’ deposits for Assured Shorthold Tenancy Agreements.
With effect from 6th April 2007, any private landlord or letting agent taking deposits for Assured Shorthold Tenancies (ASTs) in England or Wales must be registered, by law, with a tenancy deposit scheme authorised by the Government. Currently there are 3 such schemes, one is a custodial scheme, the other 2 are insurance based schemes. Ella Residential Lettings is a member of The Deposit Protection Service (The DPS) which is the custodial scheme. The deposit is paid into the DPS by the landlord/agent within 14 days of receiving it. Following receipt of the deposit, the DPS will provide confirmation to both the landlord/agent and the tenant.
At the end of the tenancy, the landlord/agent and the tenant agree repayment of the deposit and inform the scheme administrators. The deposit repayment is then divided accordingly (including any interest accrued) and sent to each party within 10 days of the correctly completed acceptance form being received by the DPS.
In the event of a dispute:
If there is a dispute, the DPS return any undisputed amount (plus interest) to the relevant party. The disputed amount is safeguarded until the dispute is settled by the Alternative Dispute Resolution service (ADR) administrator and repaid according to the decision. Evidence of the dispute must be submitted to the ADR service for expert, independent adjudication.
If the ADR fails to resolve the dispute, both parties retain the right to Court action.
For further information on the DPS, please visit www.depositprotection.com or telephone 0870 703 0300.
Alternatively you can write to:
The Deposit Protection Service
68 Upper Thames Street
London
EC4V 3BJ
DEDICATED TO YOUR PROPERTY