Starting from 6th April 2007 all tenancy deposits must be registered with one of three depost schemes authrised by the government in England and Wales.  Other UK home countries (Northern Ireland and Scotland) have similar schemes.  The relevant Act of Parliament can be found at https:

//www.gov.uk/tenancy-deposit-protection.

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Services in theses authorised deposit protection schemes come in two flavours.  These are broadly termed "Custodial Services" and "Insurance Based Services".  In the custodial schemes the tenant's deposit is held by the deposit protection schemes and not the letting agent or landlord.  This protects the tenant from losing some or all of their deposit from arbiary deductions demanded by the agency or the landlord.  In the insurance scheme the tenant's deposit is insured by payment of an insurance premium.  Again the tenant is protected from arbitary behaviour by the agent or landlord.​

 

In both cases if the tenant disputes a claim against him or her for any kind of damage then they may apply to the relevant deposit scheme for arbitration.  The arbitration result is binding on all parties.​Legendary Lettings Ltd is a member of the Deposit Protection Scheme (DPS) and we have opted for the Custodial Services.  This means that we pay the tenant deposit straight to the DPS and do not hold any deposits. 

The DPS Website can be found at https://www.depositprotection.com​

 

Please note that the DPS is only concerned with tenant deposits.  It does not overlap the servises provided by the Property Redress Scheme.