Once a tenancy starts, then we are responsible for ensuring that the tenants deposit is held in the correct scheme. There are different schemes available to choose from; however we use one of the most recognised schemes, called the Deposit Protection Scheme (DPS). This scheme was set up by Computershare Investment Services with support from HM Government, is well recognised throughout the industry and safe guards your tenants deposit throughout the duration of their tenancy, until the point at which the tenancy ends.
When any tenancy starts, the new tenants send their deposit to our client account, where it is then paid across to the DPS. At this point, the tenants will receive written confirmation that this has happened. It’s as simple as that!