TDS applys from date of handing deposit, or signing agreement ?

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  • TDS applys from date of handing deposit, or signing agreement ?

    Q.9 When will the schemes come into effect?

    A. Tenancy Deposit Protection (TDP) will start on 6 April 2007.
    I gave my deposit on the 27/03/07, I signed the agreement to start 28/04/07.

    Should I be part of the scheme or not? ie; does it apply from the date of the deposit or the date of signing the AST ?

  • #2
    Originally posted by liquidsquirrel View Post
    I gave my deposit on the 27/03/07, I signed the agreement to start 28/04/07.

    Should I be part of the scheme or not? ie; does it apply from the date of the deposit or the date of signing the AST ?
    I think that it applies only to deposits actually paid on/after 6 April, so you're probably outside it.
    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).

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    • #3
      Originally posted by liquidsquirrel View Post
      I gave my deposit on the 27/03/07, I signed the agreement to start 28/04/07.

      Should I be part of the scheme or not? ie; does it apply from the date of the deposit or the date of signing the AST ?
      If you signed the agreement before 6 april 07 to start on 28th then you are outside, otherwise not - as I have been informed.

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      • #4
        It's the taking of the deposit, not the signing of the contract that triggers the TDS. If you took deposit before 06/04/07 then it doesn't need to be protected, regardless of when you sign the contract.

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        • #5
          Originally posted by Wickerman
          I wonder what happens if the cheque bounces?
          You take it as a good omen and say thanks very much but I'll find another tenant!

          Thanks for the replies, I was thinking it would probably going to be outside too.

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          • #6
            It is 14 days from cleared funds, not when you accepted deposit.

            You don't actually "have" a deposit until it has cleared.

            Otherwise you could take a cheque, insure the deposit immediately and then the cheque bounces. You would then have insured a deposit you don't have.

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            • #7
              Hmmmm, that would certainly put me inside the new system then.
              Do you know of any legal or guideline which echos what you wrote, or it is a common sense point of view ?

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