When letting a house in the UK that demands payment of a deposit that deposit has to be protected with a government endorsed deposit protection system.
We will sometimes ask for a holding deposit (of no more than 1 week’s rent) to secure a house. This will then be added to your full deposit (of no more than 5 week’s rent) which is due at the time of signing the contracts.
At Champion Property Management we use an insurance based scheme from a company called MyDeposits to protect any deposits we receive. This means we hold your deposit in a designated deposits account and protect it with the MyDeposits scheme. You will receive a deposit protection certificate (DPC) within 30 days of paying the deposit.
MyDeposits not only insure any deposit money you have paid to us, they also act as a third-party for any deposit disputes. We will take a full photographic inventory of your house before you move in and will check against this when you come to move out. Any proposed deduction will be run past the whole group first and any disputed amounts can be taken to MyDeposits for the final say.
