Deposit Protection Scheme DPS
When Henry Spencer & Sons are fully managing the property for you than a full inventory of the property will have been prepared before your tenants occupy the property.
We then complete a full inspection at the end of the tenancy in order to confirm the condition of the property.
A bond is held to protect you financially in the unfortunate event of any issues which may arise at the end of the tenancy.
If this was to happen we will guide you through the deposit protection process and guidelines for deducting some or all of the funds from the bond paid.
All deposits being paid by any tenant are registered with the deposit protection scheme (DPS) guaranteeing that any deposit disputes will be dealt with efficiently. Whilst it is rare that it is required there is also an independent adjudication process at the Deposit Protection Scheme that is available if a mutual agreement cannot be reached between all parties.
Typically the bond is equivalent to one month’s rent and is paid in advance of the signing of the tenancy agreement. This is then registered with a deposit protection scheme within 14 days and the prescribed information is issued to all parties.