What is the Tenancy Deposit Protection Scheme?
The tenancy deposit protection scheme (TDP) was set up by the government in 2007 and requires all landlords who receive a deposit to ensure the deposit is protected. This safeguards your deposit for the length of your tenancy and ensures you’ll get your deposit back in full if you:
− Meet the terms of your tenancy agreement
− Don’t damage the property
− Pay your rent and bills on time
Your landlord must protect your deposit within 30 days of receiving it, whether it’s paid by you, your company, your parents or a local authority. The landlord will then write to tell you:
− The address of the rented property
− How much deposit you’ve paid
− How the deposit is protected
− The name and contact details of the tenancy deposit protection (TDP) scheme and its dispute resolution service
− The landlord’s contact details or the contact details of Locate Properties if we’re managing the property for them
− The name and contact details of any third party that’s paid the deposit
− In what circumstances they would keep some or all of the deposit
− How to apply to get your deposit back
− What to do if there’s a dispute over the deposit
At the end of your tenancy your landlord must return your deposit within 10 days once you’ve both agreed how much should be returned.
If you’re in a dispute with your landlord, then your deposit will be protected in the TDP scheme until the issue is sorted out by an impartial adjudicator.
If you want to find out more about the Tenancy Deposit Protection Scheme and how it can benefit you, get in touch. A member of our team will be happy to answer any queries you may have.