Does a holding deposit need to be protected by a company such as the DPS?

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I have a potential tenant who intends to move in, in 3 weeks time. I will secure a holding deposit from him so that if he withdraws the cost of renting the property until then is covered. Do I need to send this holding deposit to an independant company such as the DPS within 14 days of receipt or can I wait until the day the tenancy agreement is signed and the full deposit is given to me?

11/05/2009 00:00

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