TENANTS DEPOSITS

Protection of tenants’ deposits is now mandatory under law for all new tenancies from 6^th April 2007.

All managed property deposits are lodged with The Deposit Protection Service (D.P.S) and are sent within 14 days to comply with the legislation. Tenants receive notification that their deposit has been protected and are given their own identification number. They can log on via www.depositprotection.com to view their account.

Subject to the final inspection being satisfactory the D.P.S are informed by both Trueman Estates and the tenant and the deposit is released within ten working days. Disputes can be settled via the D.P.S. who offer a free resolution service.

Tenants receive a written inventory and a photographic record is also kept on file (copies available) to minimise any possible disputes.

Under the scheme rules a 'lead' tenant must be nominated for joint tenancies as the deposit is released to the lead tenant only, however all tenants are listed as co-tenants.

'Let Only' properties where the landlord manages their own properties are covered under the same legislation and the landlord must notify Trueman Estates prior to the tenancy agreement being drawn up as to which scheme covers their deposits.