New data from the Tenancy Deposit Scheme shows that at the end of March 2016 there were a total of 3.426m deposits protected across England and Wales. There are reports of deposits under protection has increased to £3.426m, across England and Wales. This is an increase of some £360,000 over the year. The growth reinforces the requirement for tenancy deposit schemes to ensure that tenant’s deposits are protected.
Key-Data Gold Property Letting and Management software fully caters for the protection of deposits both under Insurance based and Custodial based schemes. You are reminded for Custodial scheme that a deposit needs to be protected, ie within the 30 day period, and the full Prescribed information document is also available on the transfer out of either schemes. At the end of the tenancy, the deposit is transferred back into agent account, again under either scheme, to enable any agreed deductions to be made and accounts finalised. With Custodial scheme the transfer in brings in just the amount returned to the agent for agreed repairs, returning the sum of zero to the tenant as the Custodial scheme return any balance directly to the tenant, and with Insurance scheme the full deposit is brought back in, with any bills for repairs deducted, and the balance returned to the tenant by the agent. All deposit movements may be easily crossed checked and reconciled to you bank account(s).