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Landlords: deposit protection schemes
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What you must do
You’ll need to put your tenant’s deposit into a tenancy deposit protection (TDP) scheme within 30 days of receiving it if their tenancy is based on an assured shorthold tenancy that started before 6 April, 2007. If you don’t you can be ordered to pay back three times the deposit.
There are three schemes - the:
There are two types of scheme:
- a custodial scheme, which holds the deposit for you, for free
- an insured scheme, where you or your agent keep the deposit and you pay into the scheme to insure it
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