Deposit scheme

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    Deposit scheme

    Another year have passed since we signed up the tenants with cash deposit.

    Now its time to renew the contract...what do we do with the deposit? Put it in the new scheme? How and who do we contact ?

    Regards,

    126

    #2
    My advice would be not to sign a new tenancy, but to let in lapse into a periodic tenancy. That way you don't have to join the DPS, and can also easily issue a Section 21 notice without waiting for the tenancy to expire.

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      #3
      Originally posted by jghomer View Post
      My advice would be not to sign a new tenancy, but to let in lapse into a periodic tenancy. That way you don't have to join the DPS, and can also easily issue a Section 21 notice without waiting for the tenancy to expire.
      Same advice from me

      The TDS is a minefield for the best of us, personal I am going down the route of not taking deposits and added a 3% uplift to my rents to offset any damage.

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        #4
        1. Is there a link we could read up on TDS?

        2. We don't understand the scheme. Is it free to join? If not, its sounds as its a another money making scheme by the governing body.

        3. We're not clear on this scheme at all, Is it legal if we sign sign a new contract and give all the deposit back to the tenants.

        Regards,

        126

        Comment


          #5
          Check this site out
          http://www.propertyhawk.co.uk/index....ge=bible&id=89

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            #6
            Just been to the link. We're interested to join the Insurance scheme, but not sure how much it will cost for the deposit entry. We have four tenants and all their names are on the AST. Each paying the £xx for the deposit.

            Regards,

            126.

            Comment


              #7
              1.Custodial scheme is depositprotection.com. It's free.

              2.It's not a money making scheme - it's a headache making scheme.

              3.You don't have to join if you don't have a deposit.

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                #8
                jghomer: Thanks for that brilliant link.

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                  #9
                  The online management tool is ok for a small number of properties and is completely free. Plus you can generate AST's and all kind of stuff
                  Last edited by kfarmah; 26-06-2007, 20:26 PM. Reason: Response wasn't aimed at me !

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                    #10
                    Sorry for resurrecting this thread...

                    I hope this thread helps other newbie like me regarding to the deposit scheme.

                    I have have just signed up to the scheme (TDS - depositprotection.com) and still waiting for email verfication to allow me to login to the account. I think I will give TDS a phone call tomorrow to see when my account will be activated.

                    I have inform the tenants that I willbe putting their money into the scheme and surprise surprise they didn't have a clue like me whats the scheme is about.

                    The question is what do we do next:

                    1) How do we put the money into the scheme?
                    2) How do the landlord ensure he/she is compliance with the deposit laws.
                    3) Could the landlord provide a receipt of the deposit and detailing where the deposit is kept, i.e. TDS. If so, is this sufficient to meet the requirement of the law?


                    Maybe someone could provide an idiots guide to this thread to avoid repeated questions.

                    Many thanks in advance..

                    126.

                    Comment


                      #11

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                        #12
                        As rightly people had pointed out. This whole TDS is a headache for everyone. Its doing my head in now...I might just give the $$deposit back to the tenants and hope they don't damage anything.

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                          #13
                          I've paid three deposits into depositprotection.com - done it online with a debit card once their deposit money had cleared into my bank. Got my deposit confirmations and have given the statutory information and terms and conditions to the tenants. That bit's all o.k.

                          The fun part will be when I or the tenants have to get the money back ! watch this space.

                          Comment


                            #14
                            Originally posted by Bludnok View Post
                            I used Tenancy Deposit Solutions on the basis that at least I get to hang on to the deposit instead of sending it to someone unknown.
                            Best way for deposits IMO. This way you have control, and only if you can't reach agreement on a portion of potential deductions does this disputed sum get forwarded to the scheme.

                            ... The only problem I found was that you need to give an alternative address for the tenant, which, if they are foreign is sometimes impossible, or in Belarus or Nairobi. I spoke to the company and (can you believe this) they need this so they can send the documents to the alternative address, not the one they are living at now - how daft is that!
                            You can use the rental address. The scheme just prefers an alternative, because if a portion of the deposit is disputed and they write to the rental address, it is unlikely to be received by the former tenants (unless they have set up mail redirection).
                            On some things I am very knowledgeable, on other things I am stupid. Trouble is, sometimes I discover that the former is the latter or vice versa, and I don't know this until later - maybe even much later. Because of the number of posts I have done, I am now a Senior Member. However, read anything I write with the above in mind.

                            Comment


                              #15
                              Originally posted by Esio Trot View Post

                              You can use the rental address. The scheme just prefers an alternative, because if a portion of the deposit is disputed and they write to the rental address, it is unlikely to be received by the former tenants (unless they have set up mail redirection).
                              Then that is new, when I spoke to them just after the 'sceme' was launched they insisted it couldn't be the same address. Perhaps they have come to their senses

                              Dave

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