Renting for the first time can be a daunting experience. It's not helped by the fact that a lot of letting agencies and renting search websites through around a lot of jargon and acronyms that mean nothing to most people.
One of these that you will see cropping up all the time is TDP. Here's a little summary of what it means when someone mentions a TDP.
TDP stands for Tenancy Deposit Protection. It is a government-authorised scheme that is designed to keep your security deposit safe. It essentially means that your letting agent or landlord does not have access to your deposit during your tenancy. The money is kept safe.
Before your tenancy starts you will be asked to send your security deposit to your letting agent or landlord. By law, they then have 30 days to place your deposit in a TDP scheme. Some schemes will send you an email confirming to you that your deposit is protected. At the end of your tenancy, once you and your letting agent have agreed any deductions, the TDP will then release the money back to your account.
There are three TDP's that are authorised by the Government:
- Deposit Protection Service
- Tenancy Deposit Scheme
At Sussex Students' Union Lettings, we use MyDeposit. It means neither us, nor the landlord has access to your deposit.