Cost of joining TDS?

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    Cost of joining TDS?

    Can anyone tell me how much it costs for a private landlord with one rental property to join the Tenancy Deposit Scheme.
    This info doesn't appear to be available on their web site unless you fill in the application form!

    #2
    There are three approved schemes. Do you mean:

    TDS - The Dispute Service http://www.thedisputeservice.co.uk/homepage.html (this imposes strict requirements on members and it's unlikely that you'd qualify)

    DPS - The Deposit Protection Service http://www.depositprotection.com/ (this is the custodial scheme and it's free)

    Tenancy Deposit Solutions trading as MyDeposits http://mydeposits.co.uk/

    Comment


      #3
      Yes, I mean TDS -as in The Dispute Service.
      Our tenant's deposit is with them now through our ex agent.
      I'm hoping to leave it there for another year (after a new AST agreement with the same tenant)

      I've e-mailed them but had no response.

      Comment


        #4
        As I said, it's unlikely you'd qualify as a member of TDS, so for the protection to continue under TDS the deposit money must remain in the agent-member's bank account, and they are the one who pay fees to the scheme. The agent may therefore pass on a charge to you.

        The alternative is to ask the agent to transfer the deposit to you, and for you to protect it with one of the two other schemes (and provide T with the prescribed information).

        Comment


          #5
          Thanks for that. Presumably the tenant will have to authorise the return of the deposit to me?

          Comment


            #6
            Originally posted by westminster View Post
            There are three approved schemes. Do you mean:

            TDS - The Dispute Service http://www.thedisputeservice.co.uk/homepage.html (this imposes strict requirements on members and it's unlikely that you'd qualify)

            DPS - The Deposit Protection Service http://www.depositprotection.com/ (this is the custodial scheme and it's free)

            Tenancy Deposit Solutions trading as MyDeposits http://mydeposits.co.uk/
            This is useful. Please post it (except for first paragraph) as a new thread and I'll ask for it to be 'stickied'.
            JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
            1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
            2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
            3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
            4. *- Contact info: click on my name (blue-highlight link).

            Comment


              #7
              Originally posted by Thyrsis View Post
              Thanks for that. Presumably the tenant will have to authorise the return of the deposit to me?
              Yes, its their deposit so you will need authorisation to transfer this to another scheme. Get them to write to you confirming this and then copy to the current agent. If you pre-register all the info with the DPS there is no reason why current agent cannot just transfer the money from their account to the DPS.

              Comment

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