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  • Deposit Protection

    Inheriting a DPS deposit - can I move to TDS?

    I have just completed on a couple of properties and one has an in situ which their deposit is protected with the above DPS.

    My question is; I usually put them in the TDS - am I able to extract from the DPS (once the current LL sends me the funds) to my preferred option? and of course then re-issue the usual legal paperwork that comes with it.

    Any knowledge / experience on this is appreciated.

    Kev

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    Thank you, I think my question is will the DPS have any problems or rights to stop me taking the deposit funds away from them to put into an insurance scheme?


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    Hi Tketa_Kev

    At the Tenancy Deposit Scheme (TDS) we operate a tenancy deposit protection scheme under a licence from MHCLG. We have both an Insured scheme where our members hold the tenancy deposit and a Custodial scheme for letting agent and landlords to use. We can manage a transfer a a tenancy deposit from a Custodial scheme to our Custodial scheme but Custodial to Insured is not manageable unless the Custodial protection is ended and the tenancy deposit returned to the tenants to then re-protect with agreement.

    If you use the TDS services we can always try to assist if you need more information, please email our Operations Team at deposits@tenancydepositscheme.com

    John King

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    Hi John,

    That's clarifies all my questions and thank you. I may look to transfer the custodial to custodial to keep it under one roof (TDS). Will ensure we contact the above email to action this once a decision is made.


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    Can’t remember which way round i wanted to do it tds-dps or vice versa, but it was easiest to set up an account with relevant provider and have deposit transferred internally. All sorted in no time.

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