When you start out as a new landlord in Peterborough, it can feel overwhelming. This is because there is so much to be aware of. There are law, regulations and insurance to navigate. You need to find the right property, and the right tenants. While renting properties in Peterborough can be a reliable source of income, it can be stressful and overwhelming.
That’s where our lettings team at AGT Property Management and Lettings can help.
We are here to help you with all the regulations and legalities. We can find the right tenants for your property, making sure you, they and the property are protected. Our specialist lettings team will ensure that as a landlord you know why you need to use a deposit scheme and how it will work for you.
Here in the UK, there are three government-approved tenancy deposit schemes, also known as TDP schemes. These are for landlords and lettings agents to protect their tenant’s deposit. They are a legal requirement.
DPS is the largest of the three deposit schemes for landlords and is available across England and Wales. It also known as the Deposit Protection Service. It is a free custodial service where the deposit is held by the DPS throughout the tenancy.
My Deposits also offer a deposit scheme for landlords. This is available to landlords in England, Scotland and Wales. It offers the standard custodial service, but also an insurance-based service. This means that the landlord, or letting agent, holds the deposit but pays a fee to My Deposits to insure it.
Thirdly, there is the Tenancy Deposit Scheme. This is better known as TDS. It is available to landlords, and letting agents, across England, Wales and Northern Island. The deposit can be held by TDS, or a fee can be paid to TDS to insure the deposit if held by the letting agent or landlord.
It is a legal requirement that a tenants’ deposit is held with one of these schemes within 30 days of receiving the deposit. The tenant must also be made aware of the scheme and all information surrounding the deposit scheme too.
This is another area of property management that our friendly lettings team can help Peterborough landlords with. Want to know more about what our Peterborough lettings agents can do for you? Call us now.
