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How safe is tenancy deposit protection?

5January Author: Dave Dyer . Date Posted: 5th January, 2016

Since 2007 whenever you rent a property on an Assured Shorthold Tenancy, the deposit you pay to your landlord has to be kept in a government approved tenancy deposit scheme.

This protects your deposit and ensures that you will get your full deposit back at the end of your tenancy, unless your landlord needs to claim any of it to make repairs to damage you caused.

Redrose Property Management works with mydeposits, one of only three tenancy deposit companies approved to secure your money. While we hope you never want to leave us, if you need your deposit back when you vacate one of our properties, mydeposits makes sure this is done as quickly as possible.

Around 99% of all deposits protected with mydeposits are returned to the tenant without a problem, and they offer an Alternative Dispute Resolution (ADR) service using impartial and professional adjudicators to resolve problems

Within 30 days of you paying your deposit, we will confirm to you in writing:

        • the address of the rented property
        • how much deposit you’ve paid
        • how the deposit is protected
        • the name and contact details of the tenancy deposit protection (TDP) scheme and its dispute resolution service
        • our name and contact details
        • the name and contact details of any third party that’s paid the deposit
        • under what circumstances we would keep some or all of the deposit
        • how to apply to get the deposit back
        • how to contact us at the end of the tenancy
        • what to do if there’s a dispute over the deposit

While a tenancy deposit scheme protects your money while you’re staying in a rented property, it isn’t the only means of protection. Keep your property in a state of good repair, clean, tidy and undamaged, and report any potentially problematic wear and tear immediately.

Visit our tenant guide to get more information about renting properties with us.

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