UK Landlord Forum / Life

Hi,

Just protected my first deposit with TDS (Tenancy Deposit Scheme) - £600.

Couple of questions:

I protected it for the initial 6 month agreement I have given the tenants. If they decide they like the house and stay and we roll the agreement on periodically, do I need to protect the deposit again, what happens at this point?

I only paid TDS £23ish quid, do I keep the £600 deposit I took? Do they not want it? A little confused what happened here, cant find any info on their website. I assume I keep it in the bank, or spend it accidently!!!

Thanks, Joe.

https://www.tds.gb.com/resources/files/TDS%20%20Deregulation%20Act%202015%20Guidance.pdf

You have chosen an Insured Scheme... you don't send them the money. You don't spend it.

DPS Custodial is free... so if you wanted to send them the money, you could have... and you would have avoided that £23ish fee.

https://www.depositprotection.com/legislation

Thanks for that!!!!