The government has opened the bidding process to run its proposed tenancy deposit schemes due to come into effect in October 2006.
The schemes which are intended to offer protection for over £740m of assured shorthold tenancy deposits currently held in England and Wales have been advertised in the European Journal. There are two advertisements, one relating to a single custodial scheme, with the other seeking expressions of interest for one or more insurance-based schemes. Under the custodial scheme landlords or their agents will be required to pay the deposit to a designated third party. The custodial scheme will also be required to provide a dispute resolution service to deal with disputes between tenants and la...
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