TDS deposit scheme G clauses

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    TDS deposit scheme G clauses

    I wish to register my deposit that I took 7 days ago with TDS (via third party who have a deal with them to register individual landlords). I have found out that it is compulsory to put TDS's prescribed clauses G into the AST but I can only find out what the clauses are after I register!

    The tenancy agreement was signed and deposit taken a week ago after I spent time and energy getting guarantors who all had sight of the tenancy agreement. Is it too late to add the clauses G stuff to the AST at this stage and will any ammendments to the AST invalidate the guarantors?

    What to do?

    #2
    Originally posted by bureaucrazy View Post
    What to do?
    Protect the deposit with the DPS (and don't forget to provide T with the prescribed information).

    I wouldn't risk trying to amend the tenancy agreement after it's been signed; you could well find out that this is a breach of the TDS T&Cs and the deposit would therefore not be protected, and it might also invalidate the guarantee (so you'd probably have to go through a repeat performance of showing them the amended contract and getting a fresh deed signed - that is, if they agree).

    Really not worth the risk or the hassle when there's a very simple, free solution, i.e. the DPS (or MyDeposits, obviously).

    Comment


      #3
      Originally posted by westminster View Post
      Protect the deposit with the DPS (and don't forget to provide T with the prescribed information).

      I wouldn't risk trying to amend the tenancy agreement after it's been signed; you could well find out that this is a breach of the TDS T&Cs and the deposit would therefore not be protected, and it might also invalidate the guarantee (so you'd probably have to go through a repeat performance of showing them the amended contract and getting a fresh deed signed - that is, if they agree).

      Really not worth the risk or the hassle when there's a very simple, free solution, i.e. the DPS (or MyDeposits, obviously).
      The effect of the stated terms from TDS are not materially different other than the wording from what has already been signed. I already said that the deposit would be protected and said what circumstances could lead to deductions which are the same in scope as those prescribed by TDS as far as I can tell. The only extra bit is this:

      B4 At the end of the tenancy
      B4.1 The Agent/Member must tell the tenant within 10 working days* of the end of the
      tenancy if they propose to make any deductions from the Deposit.
      B4.2 If there is no dispute the Member/Agent will keep or repay the Deposit, according to
      the agreed deductions and the conditions of the tenancy agreement. Payment of the
      Deposit or any balance of it will be made within 10 working days of the Landlord and the
      Tenant agreeing the allocation of the Deposit.
      B4.3The Tenant should try to inform the Member/Agent in writing if the Tenant intends to
      dispute any of the deductions regarded by the Landlord or the Agent as due from the
      deposit within 20 working days* after the termination or earlier ending of the Tenancy
      and the Tenant vacating the property. The Independent Case Examiner (“ICE”) may
      regard failure to comply with the time limit as a breach of the rules of TDS and if the ICE
      is later asked to resolve any dispute may refuse to adjudicate in the matter.
      B4.4 If, after 10 working days* following notification of a dispute to the Agent/Member and
      reasonable attempts having been made in that time to resolve any differences of
      opinion, there remains an unresolved dispute between the Landlord and the Tenant over
      the allocation of the Deposit the dispute will (subject to B5 below) be submitted to the
      ICE for adjudication. All parties agree to co-operate with the adjudication.
      B4.5 The statutory rights of the Landlord and the Tenant to take legal action through the
      County Court remain unaffected by clauses above.

      Which is bound by the terms of the deposit scheme apart from the tenancy agreement anyway. TDS said on the phone it would be OK with them if it is signed after.

      I will lose £200 of interest (which is a lot for me) if I protect with DPS but I am worried that it could mess everything up.

      Comment


        #4
        Originally posted by bureaucrazy View Post
        TDS said on the phone it would be OK with them if it is signed after.
        I wouldn't rely on the opinion of a call centre operator telling you it's okay - a judge might well disagree with their interpretation of TDS' T&C. But that's not the only consideration. There's the guarantor as well.

        I will lose £200 of interest (which is a lot for me) if I protect with DPS but I am worried that it could mess everything up.
        You could lose a lot more than £200 potentially, if it turns out that the deposit isn't properly protected. Remember TDS is an insurance-based scheme and like any insurer will try to wriggle out of liability if it comes to the crunch.

        And who knows whether the guarantor will agree to re-sign a new deed of guarantee now that the tenancy has started.

        Why would you lose £200, anyway - in interest? In which case, you could always use MyDeposits.

        Comment

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