Deposit Protection Schemes

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This topic contains 1 reply, has 2 voices, and was last updated by  committeehelen 1 year, 1 month ago.

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  • #1002

    Sarah
    Keymaster

    Of course, I know the importance of protecting my tenant’s deposit within 30 days of getting it, and I know that there are three approved schemes. Details of these are available on Gov.UK: http://www.gov.uk/deposit-protection-schemes-and-landlords
    Each of the three schemes offers a choice:
    * the scheme hold the deposit for free – known as a ‘custodial’ scheme
    * you or the agent holds the deposit and you pay the scheme to insure it – known as an ‘insured’ scheme

    I’d really appreciate hearing other landlord’s experiences of these two choices. I use a custodial scheme, which has worked well. However, I am wondering if an insurance scheme would enable an Ethical Landlord to return the deposit more quickly, as set out in the Charters?

    #1005

    committeehelen
    Keymaster

    I’ve used one of the custodial schemes which recently returned my tenant’s deposit within a very few days. It would have been even faster if the tenant used the internet, rather than having to negotiate via a family member’s email account. It helps if both landlord and tenant keep their reference numbers safe for the period of the tenancy – which of course may be much longer than initially envisaged! However the helpline was good in chasing this up.

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