Below is a summary of how to protect a deposit using the popular Deposit Protection Service (DPS) custodial scheme, but the process is similar for all schemes.
Protecting the deposit
- Go to the DPS website https://www.depositprotection.com
- Register as a landlord; you will receive a landlord's ID.
- Login to the system and add the property.
- Finally, add the tenant's details to the property.
- Pay the deposit using a debit card or bank transfer.
- If you choose a debit card, the transaction will be completed, and the deposit will be protected. Transfer by bank takes a little longer (a couple of days).
Prescribed information
Using Tenancy Builder
- Use [Tenancy Builder] (https://docs.landlordsguild.com/) to complete the tenancy agreement. Under "tenant details," ensure all details are completed, as this will form part of the prescribed information.
- When you build the tenancy using Tenancy Builder, the prescribed information is automatically completed for you. This includes the addition of the current scheme rules, saving you time and reducing the risk of errors.
- The parties will sign the prescribed information and the tenancy agreement when sending for digital signing.
If you are not using Tenancy Builder
If you have used your own tenancy, please follow these steps to produce the deposit prescribed information. The process is similar for all the schemes:
- Navigate to View Tenancies from the top menu
- Select Manage Tenancy next to the one to produce prescribed information for
- Select the option "Complete prescribed information"
- Fill in all the necessary details and select to print.
- Navigate away from your account area to the home page of the DPS: https://www.depositprotection.com
- From the footer, click on custodial or insured terms and conditions. Choose the printable version and download it.
- Merge the prescribed information and the terms and conditions
- Send two copies of the merged document to the tenants, asking them to sign and return one copy (this is important because, under the rules, the tenant must be "given the opportunity to sign the prescribed information".)
