A Deposit from your tenant must be protected in a Government authorised Tenancy Deposit Scheme. This rule only applies if the Tenancy is an Assured Shorthold Tenancy in England or Wales.
Tenancy Deposit Scheme
There are two types of schemes, a Custodial Scheme and an Insurance Based Scheme. 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 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.
ChampionHolmes will check references on all persons over the age of 18 who will be residing at the property. Unless otherwise agreed, reference checks will include a previous landlord’s reference, employer or accountant’s reference, and a credit check. References will either be taken up ‘in house’ or through a reputable credit and referencing agency. It should be noted that each tenant pays a referencing and administrative fee when his application is submitted.
Schedule Of Inventory And Condition
Due to the introduction of deposit schemes, as above, it is more important than ever to have a professional Schedule prepared. ChampionHolmes are pleased to advise that Karen Champion MAPIP is subscribed to the membership of Professional Inventory Providers and can offer this service within the property management service or separately on a tenant find only basis. Alternatively, we can provide this as an independent service to a landlord or tenant who would like a schedule prepared on their behalf.