Deposits

As of April 06 2007, all statutory tenancy deposit schemes  apply to Assured Shorthold Tenancies where a deposit is taken in England and Wales.

Tenancy Deposit Scheme

There are two types of schemes, a Custodial Scheme and Insurance based.  For clarification, the Custodial Scheme (DPS) is free to landlords and tenants, whereby the deposit is paid into and held in a separate account managed by the Scheme.   The second scheme is an Insurance based scheme is paid by the landlord or agent, but is free to the tenant and allows the landlord or agent to hold the deposit for the term of the tenancy.  ChampionHolmes is registered with the DPS.

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