The Deposit Protection Service is government legislation to protect a tenancy deposit taken for an assured shorthold tenancy in England and Wales. It was introduced on 6 April 2007.
As a landlord, it’s essential that you know about your Tenancy Deposit Protection (TDP) obligations.
You’re required by law to protect your tenant’s deposit within 30 days of receiving it. Remember, a deposit is considered ‘received’ from the moment you take the payment, not when the funds have cleared. This applies to all forms of payment, whether it’s a cheque, a bank transfer or cash.
If you fail to comply with your legal obligations, there are two possible sanctions:
You can find out all about the Deposit Protection Service from the DPS website.
West Wales Lettings is registered with the Deposit Protection Service and we are happy to provide more information and advice on this if you are thinking of renting out a property with us.