An Update from The Deposit Protection Service
Welcome to the third update from The Deposit Protection Service.
We've repeated the 'What Happens Next'? section of last week's email for
the benefit of new registrants.
Most Common Enquiries
Who are Computershare?
Founded in 1978 in Melbourne, Australia, Computershare is a specialist
in the provision of volume processing, secure data management,
communications and payment processing.
Many of the world's largest companies employ our innovative solutions to
maximise the value of their relationships with investors, employees,
customers and members.
Computershare has approximately 10,000 employees across the world and
serves 14,000 corporations and 90 million shareholder and employee
accounts in 17 countries across five continents.
The Deposit Protection Service is a Computershare business and benefits
from the 8 years experience we have of running a similar scheme in
Australia.
Text for inclusion in your AST documentation
Many landlords and lettings agents have asked for a standard paragraph
of text to include in tenancy agreements. The paragraph below can be
inserted into your agreements to indicate that a tenant's deposit is
protected by The DPS:
"The deposit £ xxx will be protected by The Deposit Protection Service
(The DPS) in accordance with the Terms and Conditions of The DPS. The
Terms and Conditions and ADR Rules governing the protection of the
deposit including the repayment process can be found at
www.depositprotection.com"
Single Claim Process
A common query concerns what to do if a tenant goes 'missing' either at
the end or just before the end of a tenancy.
The answer is straightforward: in this type of circumstance, the
landlord or agent is required by law to complete a 'statutory
declaration' at least 14 days after the tenancy has ended, providing
evidence of the steps that he or she has taken to contact the tenant.
This is submitted to The Deposit Protection Service who have 14 days in
which to try and contact the tenant. If there is no response from the
tenant during this period, the claim is then settled within 10 calendar
days.
The statutory declaration must be made in the presence of a
solicitor/commissioner for oaths or at a court.
What will The Deposit Protection Service do to help Landlords and Agents
with multiple properties?
The DPS is committed to developing options that will help Agents and
Landlords transact effectively and efficiently. From launch this will
include the following features:
* Property portfolio view by Agency / Landlord
* 24x7 accessibility to information and transactions via online
self service.
We will continue to evolve services as The DPS grows and we already have
plans to release:
* Bulk upload of deposit submission details
* Deposit submission payments through BACS transfer.
What happens next?
On the 4th April, all landlords and letting agents who have
pre-registered will receive an email notifying them that The Deposit
Protection Service website and contact centre are both open to take
registrations. This email will give you instructions as to how to access
your account online.
Fast, Free Secure
Step 1 - Completing your registration
Your pre-registration details will have been populated into Step 1 of
the simple, three-step process to submitting your tenants' deposits. You
will have the opportunity to check that the details are still correct
and to set a password to give access to your account.
As soon as all your details have been entered, we will send you an email
which you will need to acknowledge in order to finalise your
registration.
Step 2 - Your Tenancy details
Simply complete the details of the property and the tenants. We have
made this as easy as possible by only asking for essential information
to enable us to protect the deposit and ensure you are legally
compliant.
Step 3 - Submitting your deposits
Paying the deposit to The DPS could not be simpler. Internet users can
pay securely online using a debit card, alternatively, both online and
postal users of the service can attach a cheque and post it to The DPS.
Once you have completed the submission process, and your payment has
cleared, you will be sent confirmation that your tenants' deposits are
protected. Tenants will also be notified that their money has been
passed to the appropriate third party.
Reclaiming Deposits
At the end of the tenancy, you'll be embarking on Step 4 of the process
- reclaiming the deposit. It's easy to do: both landlord and tenant
agree on how the deposit is to be repaid, and jointly notify The Deposit
Protection Service, either online, or by post. The deposit will then be
repaid within 10 calendar days. No money can be repaid without the
agreement of both parties. In the event of a dispute, The Deposit
Protection Service has 28 days from receipt of evidence from both
parties to adjudicate.