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Deposit Protection

Deposit Protection

Deposit Protection Isle of Wight Letting Agents

Your landlord must put your deposit in a government-backed tenancy deposit scheme (TDP) if you rent your home on an assured shorthold tenancy that started after 6 April 2007. (Source .gov website – Click Here)

Dabell & Co are registered with Deposit Protection Service (DPS) and place all deposits within the deposit protection service within 30 days of the start of a tenancy.

Deposit Protection Service is authorised by the Ministry of Housing, Communities and Local Government to provide tenancy deposit protection in England and Wales.

More info on the DPS website – Click Here

*Important note for Landlords regarding the handling of deposit retentions.

On occasions Landlords, can misinterpret the way check-outs and deposit retentions can be progressed at the end of a Tenancy.

Retaining a deposit is not as simple as it appears.  Deposits are now required to be handled in a sympathetic manner, considering “fair wear and tear” during the term of the Tenancy dependent on the length of the Tenants’ occupancy, which requires us to be accurate in the way we handle Deposits on behalf of our Landlords and Tenants.

Landlords should be realistic about the amount of deposit retention that can achieved as not only do we require the Tenants’ agreement to retain all or part of a deposit, but there are very strict guidelines as to what is acceptable should things progress to a dispute.

When a Tenancy comes to an end and the Tenant vacates a property. Dabell & Co will  prepare a check out report to identify any issues at the property, making an allowance for “fair wear and tear” and compare the condition with the comprehensive check in report and inventory held on file.  Dabell & Co will allocate an appropriate value, for any deficiencies, defects and damage found.

The amount recommended for retention will be listed against each item of defect or damage by  Dabell & Co and will allocate an appropriate amount, based on a commercial contractor rate who can undertake the work at short notice.

If a Tenant does not agree with the amount of the retention proposed, there is an option for arbitration via the DPS scheme at ‘no cost’, where both sides provide evidence to prove their case.

As outlined the retention of deposits can be a complicated process and Landlords should consider that they may have to also assist towards the costs of minor repairs and basic cleaning at the end of each tenancy.

Dabell and Co Isle of Wight Letting Agents
Dabell & Co are Isle of Wight Letting Agents managing residential lettings and holiday lets on the Isle of Wight.