Deposit Protection Service Favours Tenants Not Landlords

by admin on April 16, 2014

DPSIn 2004, the government introduced a law to protect deposits taken for assured shorthold tenancies. Being a conscientious landlord, I used the Deposit Protection Service – website here, to protect deposits taken from tenants.

All was well, until in 2014 , when I made my first claim to retain some of the deposit due to damage caused by tenants.

I was asked to fill in several forms and send in copies of the tenancy agreements etc.

After five months of returning letters due to requests for further information, phone calls and visits to my solicitor, I was told that all the deposit would be returned to the tenant. It didn’t seem to matter that the tenant had been sub-letting the property without my consent and that most of the new carpets had been ruined.

A website search revealed that this agency favours tenants and very few, if any deposits, are returned to the landlord.

My advice to other landlords thinking of using this service is quite simple – don’t, it’s not worth the hassle. Do a web search to verify this.

The custodial scheme run by the Deposit Protection Service used to pay out interest on held deposits, however they now keep it for themselves. For  tenancies of  longer durations, the interest on deposits pooled together is substantial and this is neither beneficial to the landlord or the tenant.

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