Deposit Protection Scheme

flutterby123

We are about to become landlords for the first time. I know we need to put the tenant's deposit in a DPS.

Are there generally fees for these? Can anyone recommend who to go to or how to go about it?

I've searched the forums but couldn't find anything relevant so apologies if this question has come up before.

Fire_Fox

Have you joined a landlord's association yet? There have been loads of threads on how to proceed with lettings over the last few days alone, scan the first few pages of the forum! This excellent link is often posted
http://forums.moneysavingexpert.com/showpost.php?p=41160642&postcount=12

Werdnal

I use the Deposit Protection Service. Its free, and I'm fairly sure its probably the most commonly used one for landlords, as the TDS and MyDeposits are insurance based policies, where you cover the actual amount but don't pay them the deposit. They charge you a fee.

Never yet had to end a tenancy since I took on managing my own property, so no idea what the check-out procedure with DPS is like, but the set-up is easy, 5 minutes online and job done. However, you MUST make sure you print and send the tenant the full prescribed information, and keep proof of posting to confirm when you did this, incase there are any disputes or queries should you need to serve a section 21 notice later on.

G_M

Check the links at the bottom of the post Fire Fox has given you.

flutterby123

Thank you. I'm getting used to the forums now so will try not to ask things that have already been answered. I can see there have been lots of posts relating to lettings but couldn't find the information I wanted.

Thanks Werdnal, I'll have a look at the one you recommend