The Deposit Protection Scheme (DPS) are in the process of moving all their accounts to a ‘new system’.
If you protect your deposit or deposits via the DPS, this is something you need to be aware of. In particular, when serving the prescribed information.
In order to have correctly served the prescribed information for deposits held with the DPS, the agent or landlord needs to have served:-
1. The prescribed information template – this has been updated: https://www.depositprotection.com/media/1432/prescribed-information-form_ve_editable.pdf; and
2. The terms and conditions specified.
The link to the terms and conditions is here:- https://www.depositprotection.com/custodial-terms-and-conditions/
You’ll see that there are different versions depending on whether the deposit has been transferred to the new system or not. It’s important when serving the prescribed information that the correct prescribed information is served otherwise any Section 21 Notice you later serve will be invalid.
We understand that landlord accounts have already been moved and agent accounts are being moved over to the new system in May. Therefore, if you are entering into a new tenancy over the next few months, please check carefully whether you are in the new system or old system so that you can serve the correct prescribed information.
Laura Albon has been working in litigation for nearly 10 years. She works almost exclusively with property investors and agents across the whole country. She trained with the partners of Helix Law and has extensive experience in possession, service charge recovery, breach of covenant and commercial contract claims. She is able to pursue matters through the court and through The First Tier Tribunal (formerly the Leasehold Valuation Tribunal or LVT).
This article is written to raise awareness of the issues it discusses and it may not be updated after it is first written, even if the law changes. It is not intended to be legal advice and cannot be relied on as such. Helix Law is not responsible or liable for any action taken or not taken as a result of this article. If you think the matters set out affect you and you wish to apply them to your particular circumstances then we are happy to give you free initial telephone advice