It is a legal requirement that a tenants deposit must be held in government backed deposit scheme. These schemes ensure that your deposit money is safe and provided the property is in the same
order as when you began your tenancy, will be returned to you by the scheme providers at the end of your tenancy (less any deductions)
There are currently three UK deposit schemes and LifeStyle are able to work with all of them.
The Deposit Protection Service (DPS)
The DPS is your one-stop shop for tenancy deposit protection, offering a choice of custodial or insurance-based protection.
Whether you're a landlord, letting agent or organisation, you'll have peace of mind that your tenant's deposit will be protected by one of the largest suppliers of deposit protection in the UK.
Tenancy Deposit Scheme (TDS)
The Tenancy Deposit Scheme (TDS) is a government approved tenancy deposit protection scheme in England and Wales operated by The Dispute Service Ltd.
The Housing Act 2004 requires landlords and letting agents to protect deposits on assured shorthold tenancies in a scheme such as ours. We provide insurance backed tenancy deposit protection with free, impartial dispute resolution for when disagreements arise over how the money is divided.
TDS is the only not for profit scheme, and we use our surpluses to continue improving our already multi-award winning service.
Mydeposits is a government-authorised tenancy deposit protection scheme. It is designed to enable landlords and letting agents in England and Wales to take and hold a deposit for the duration of the tenancy.
Mydeposits has successfully protected more than a million deposits. Over 100,000 landlords use us, and are the preferred choice for many large and small letting agents.