Letting Agent ChrystonAugust 17, 2015 9:18 am
When setting up your tenancy agreement, one element to consider is taking part in a deposit protection scheme. There are a number of them currently offered with slightly different underwriters and systems. If you think they may be for you, then speak to your letting agent in Chryston and they will able to fill you in on the specifics.
The Tenancy Deposit Scheme (TDS) is an insurance based scheme that was founded in 2003 by a company called The Dispute Service. The service provides an independent dispute resolution and complaints service for those involved with the letting industry. It operates as a voluntary tenancy deposit scheme for regulated agents and is backed by three of the big name professional associations – ARLA, NAEA and RICS.
Tenancy Deposit Solutions Ltd (TDSL) is another insurance based scheme and is founded as a partnership between an insurance brokers called Hamilton Fraser and the National Landlords Association.
The Deposit Protection Service (DPS) is the only custodial scheme where the costs of running the program comes entirely from the interest made on the deposits held by the scheme. It is operated by Computershare, a company who have operated similar schemes around the world, particularly in New Zealand and Australia.