Tenancy deposit schemes came into law in 2007. They aim to protect tenants’ deposits from dishonest landlords and agents and to offer independent arbitration in any dispute about returning all or part of the deposit at the end of a tenancy. Tenants are more likely to look after the property if they know their money is being held as part of an official scheme.
Grants Property Management use the Deposit Protection Service (DPS), this is the only custodial scheme available. The scheme is funded by the interest earned from the deposit it holds.
Within 10 days of receiving the deposit, Grants Property Management will tell the tenant in writing which deposit scheme has their money.
At the beginning and end of the tenancy, an inventory will be done by an independent inventory clerk. This report is used to check the condition of the property at the end of the tenancy. The landlord and tenant must agree on any deduction to be taken from the deposit. If you can’t agree, the case will go to the independent arbitration process of the deposit scheme. When any deduction have been agreed or decided by the independent arbitrator, the remainder of the deposit must be released to the ex-tenant within 10 days.