What is a deposit?
The deposit acts as security for the landlord should any damage be caused by the tenant during the term of the tenancy.
The property advertisement will clearly state how much deposit is required for each property. You will be required to pay the deposit on or before the date you sign your tenancy agreement.
The landlord will then need to register your deposit with one of the 3 Government approved schemes.
Once your deposit has been protected the landlord is required to send you the prescribed information about where your deposit is being held.
At the end of the tenancy if you and your landlord dispute the amount of deposit being returned then the dispute will be heard by the scheme.
Deposit Protection Service (DPS)
Your deposit will be registered with the Deposit Protection Service (DPS) within 30 days from receipt of your deposit.
The DPS is a safe, government backed scheme and your deposit will be held by them for the entire tenancy.
For more details about the DPS please follow this link: Simply tenancy deposit protection
