The Tenancy Deposit Scheme
The TDS has been developed to ensure that the deposits are protected and that disputes about their return are resolved swiftly, inexpensively and impartially. Under TDS if there is no dispute the deposit will be returned at the end of the tenancy by us.
If there is a dispute, the disputed amount will be sent to the scheme. The scheme will deal with the dispute by their Independent Complaints Examiner (ICE). The ICE will not visit the property, but adjudicate on the dispute by way of a paper trail.
The housing Act does not dictate that landlords produce inventories or schedules of condition, but the suggestion is that a landlord will need to provide evidence of the condition of the property at the commencement and termination of the tenancy if he is to win his case should there be a deposit dispute.
Any amount of money taken by a landlord or agent acting on their behalf, from a tenant which acts as a security deposit, even if it is not called a 'deposit', will be protected by this legislation. This is to counter the possibility that some unscrupulous landlords may attempt to avoid having to take a deposit in accordance with the legislation by calling it by another name.
A landlord or a letting agent will not be able to take a deposit in respect of an Assured Short hold Tenancy unless the deposit is safeguarded. A landlord/agent will have to:
- Deal with a deposit in accordance with an authorised scheme
- Comply with the initial requirements of a scheme within 14 days
- Give the tenant the appropriate information relating to the deposit within 14 days of receiving the deposit.
Until this is done, the landlord will be unable to regain possession of the property using the usual 'notice only grounds' for possession. Under Section 21 of the Housing Act 1988 a landlord can obtain an order for possession of an Assured Short hold Tenancy at any point after the first six months of the tenancy providing any fixed term has expired and they give the tenant at least two months written notice.
Preventing a landlord from being able to use this ground will provide the tenant with a much greater security of tenure and will act as an incentive for landlords to ensure deposits are safeguarded by a Tenancy Deposit Protection Scheme.
We offer a highly professional management service, designed to take care of any day-to-day problems. We'll help you with:
- The new rules and safety regulations governing residential lettings
- Arranging all types of repairs if necessary
- Rent collection
- Access to an extensive range of competitively priced and reliable trades people
- Liaising with tenants and carrying out inspections
Please contact us on either 01724 865555 or 01652 655151 to discuss your requirements.