How We Deal With Deposits
With the changes to the Housing Act 1996 in 2004 from 6 April 2007, all landlords and letting agents taking deposits for assured shorthold tenancies (ASTs) in England and Wales must safeguard them with a Government-authorised tenant deposit protection scheme, either custodial or insurance based.
Reed Residential are NAEA qualified and lodge all of the deposits paid to the TDS the insurance based scheme for regulated Estate Agents, for further information please check the TDS website at www.thedisputeservice.co.uk, this only applied to properties that are managed by Reed Residential.
The Tenancy Deposit Scheme has been established under the Housing Act 2004. It requires landlords to register details of the start and end of all Assured Shorthold Tenancies on which they take a deposit. The Dispute Service (TDS) runs this particular scheme and is required to supply summarised details of all tenancies to [the Department of] Communities and Local Government (CLG
If a landlord opts to manage the property, Reed Residential asked that landlords lodge the tenants deposit to the DPS (deposit protection service) www.depositprotection.com within 14 days, The Deposit Protection Service (The DPS) is the only free scheme. It is open to all landlords and letting agents, and is managed by Computershare Investor Services Plc, a global business with more than eight years' deposit protection experience.