Price: Free if using our Let or Let and Management Services. If you would like a Deposit registered, and you are NOT using our services, the price is £120 EXC VAT.
Tenancy Deposit Protection (TDP)
Since 6 April 2007, all deposits taken by landlords and letting agents under Assured Shorthold Tenancies (ASTs) in England and Wales must be protected by a tenancy deposit protection scheme. Landlords and letting agents must not take a deposit unless it is dealt with under a tenancy deposit scheme. To avoid any disputes going to court, each scheme is supported by an alternative dispute resolution service (ADR). Landlords and letting agents can choose between two types of scheme; a single custodial scheme and two insurance-based schemes.
Learn more here: http://www.direct.gov.uk/en/TenancyDeposit/index.htm.
If we are not providing our Full Management Service we will normally transfer the tenancy deposit to you within 5 days of receiving it. You must then register it with a TDP Scheme within a further 9 days if the tenancy is an Assured Shorthold Tenancy. If you fail to do so the tenant can take legal action against you the landlord in the county court. The court will make an order that you must pay the deposit back to the tenant or lodge it with the custodial scheme which is known as the Deposit Protection Scheme (DPS). In addition a further order will be made requiring you pay compensation to the tenant of an amount equal to three times the deposit. You will be unable to serve a Section 21 Notice on your tenant until compliance with the above conditions, and the court will not grant you a possession order. We have no liability for any loss suffered if you fail to comply.