How we manage your deposits
A tenancy deposit will be payable by the Tenant upon signing the tenancy. The purpose of the tenancy deposit is to protect the Landlord against losses or damage to the Property during the tenancy itself.
Statutory Tenancy Deposit Protection – where the tenancy is an assured shorthold tenancy (AST), the Landlord or Agent is legally required to ensure that any tenancy deposit taken under the tenancy is protected within one of three statutory tenancy deposit schemes within 30 days of receipt and comply with the rules of the scheme. The schemes are The Deposit Protection Service (DPS), My Deposits and Tenancy Deposit Scheme (TDS).
Where the tenancy deposit is not held under a tenancy deposit scheme (e.g. non AST tenancies) it will be held by the Agent or Landlord as ‘Stakeholder’ on behalf of the Tenant.