From April 6th 2007, all deposits paid under an AST have had to be protected within 14 calendar days of receipt by the landlord.
Some Key Benefits of the Deposit Protection Service (DPS):
Access to online accounts 24/7 and submit deposits in minutes.
All funds are ring fenced in accordance with client money regulations.
An independent and free Alternative Dispute Resolution (ADR) service will aim to resolve any disputes quickly and without the need for court action. Landlords, agents and tenants could also earn interest on any proportion of the deposit they are entitled to retain at the end of a tenancy.
The DPS is managed by Computershare Investor Services Plc, a global business with more than ten years’ deposit protection experience.
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.
For further information please visit: https://www.depositprotection.com.