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This entry is part 5 of 9 in the series Protect / Unprotect a DepositBelow is a quick summary of how to protect a deposit using the Deposit Protection Service (DPS) which is the free to use “custodial scheme”. Note: If the deposit is being protected late (after 30 days from receipt) the Deposit Protection Service is the best scheme to use to protect the deposit but please note late protection will still mean a liability to pay a...

This entry is part 2 of 9 in the series Protect / Unprotect a DepositThe Deposit Protection Service. This is by far the most popular service amongst our members who have decided to take a deposit. The Custodial Scheme is free of charge and the landlord / tenant can receive interest (but is linked to Bank of England base rate). The deposit must be transferred to the scheme administrator who will hold the deposit for the duration of the tenancy....

Below is a quick summary of how to protect a deposit using the most popular scheme, the Deposit Protection Service (DPS). The paperwork If you receive a deposit before you grant a tenancy, the deposit needs to be a “reservation fee” so the 14 days do not start until the tenancy has been granted. A suitable form is available here (F010) to give to the prospective tenants creating a reservation fee. Download and complete our tenancy...