mercutio Posted January 8, 2010 Report Share Posted January 8, 2010 Just wondered if as a residental landlord are your required to place a deposit in a DPS scheme. Link to comment Share on other sites More sharing options...
Chestnut Posted January 8, 2010 Report Share Posted January 8, 2010 Yes. Quote from Jargon Buster on this site: "The Housing Act 2004 has provisions for mandatory tenancy deposit protection. As from 6 April 2007 landlords who take deposits have been required to comply by participation in a custodial or insured tenancy deposit scheme." Custodial is free, Insurance costs a premium. For those like me, with small portfolio, the custodial scheme is preferred. Look up www.depositprotection.com Link to comment Share on other sites More sharing options...
mercutio Posted January 8, 2010 Author Report Share Posted January 8, 2010 Yes. Quote from Jargon Buster on this site: "The Housing Act 2004 has provisions for mandatory tenancy deposit protection. As from 6 April 2007 landlords who take deposits have been required to comply by participation in a custodial or insured tenancy deposit scheme." Custodial is free, Insurance costs a premium. For those like me, with small portfolio, the custodial scheme is preferred. Look up www.depositprotection.com Thank you for the reply. Link to comment Share on other sites More sharing options...
snorkerz Posted January 9, 2010 Report Share Posted January 9, 2010 NO, No, No If you are resident landlord, then the agreements you have with your tenants can NOT be an AST (no matter what it says on the top of the paperwork). Tenants who share the home with the landlord are "Excluded Occupiers". As such, the deposit protection law (Housing Act 2004) doesn't apply. Link to comment Share on other sites More sharing options...
Chestnut Posted January 9, 2010 Report Share Posted January 9, 2010 Sorry pants! You asked about "Residental" as spelt. As Fyldeboy states, if you meant Resident Landlord (that is living in same property as tenant) it would be different from Residential Landlord (a Landlord not living in same property renting to a 'residential' tenant using an AST with deposit requiring protection). Without thinking further I took you to mean the latter - hence the confusion. Link to comment Share on other sites More sharing options...
mercutio Posted January 9, 2010 Author Report Share Posted January 9, 2010 Sorry for the confusion. I put the spelling down to a dodgy keyboard Link to comment Share on other sites More sharing options...
semiproinvestorTim Posted January 11, 2010 Report Share Posted January 11, 2010 Hey Pants, You don't have to put the deposit in a DPS scheme at all in fact even as a non residential landlord - there is a government approved scheme that is run by the National Landlords Association that allows you as a private landlord to hold the money in your bank account - you register as a landlord and you can hold all your tenants deposits in there, you have to pay a small premium of around £27 to protect that deposit. www.mydeposits.co.uk and there are quite a few alternatives to deposits out there too like deposit insurance schemes (the tenant pays a small fee around £35 and then a premium around 12p a day) which saves you all the hassle of the DPS Especially seeing as they are terrible at releasing the money at the end of the tenancy... Tim Link to comment Share on other sites More sharing options...
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