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What is the TDS?
The Tenants Deposit Scheme came into effect on 6th April 2007. All deposits
taken for an Assured Shorthold Tenancy after that date must be covered by
the scheme.
The scheme encourages tenants and landlords to make a clear agreement from
the start of the tenancy on the contents and condition of the property.
This is done by providing a detailed inventory and a schedule of condition
at the start, and then at the end of the tenancy. This should be checked
and verified by a professional independent person such as an inventory clerk.
This then ensures that the report is impartial and unbiased and provides
peace of mind for the tenant and landlord.
In the event that there is a dispute at the end of the tenancy, and to avoid
going to court, each scheme will be supported by an alternative dispute
resolution service , whose aim is to make disputes faster and cheaper to
resolve.
Who will be running the schemes?
The Government awarded contracts to three companies to run its tenancy deposit
schemes . The three schemes are:
The Deposit Protection Service (The DPS) - the only custodial deposit
protection scheme - is free to use and open to all landlords and letting
agents. The service is funded entirely from the interest earned from deposits
held. Landlords and letting agents will be able to register and make transactions
online. The scheme will be supported by a dedicated call centre and an independent
dispute resolution service. For more information, visit www.depositprotection.com
Tenancy Deposit Solutions Ltd (TDSL) is a partnership between the
National Landlords Association and Hamilton Fraser Insurance. The insurance-based
tenancy deposit protection scheme is designed primarily to enable landlords
to continue holding deposits. Agents can also join the scheme. For more
information, visit www.mydeposits.co.uk
The Tenancy Deposit Scheme (TDS) is an insurance-backed deposit protection
and dispute resolution scheme run by The Dispute Service. It was established
in 2003 to provide dispute resolution and complaints handling for the lettings
industry, including a voluntary deposit scheme for regulated agents which
TDS will now absorb. It is designed primarily to enable letting agents to
continue holding deposits, but landlords can also join the scheme. For more
information, visit www.tds.gb.com
or call 0845 226 7837. |
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