Tenancy Deposit Scheme and how it affects Landlords

As of the 6th April 2007 any Landlord or agent collecting a deposit for an Assured Shorthold Tenancy must safeguard that deposit in an approved tenancy deposit scheme. Clifton Property Services Ltd is a member of the sheme operated by The Dispute Service

Responsibility for adequatly protecting tenants deposits ultimately rests with the Landlord as set out under the Housing Act 2004. CPSL are able to register and administer these deposits on your behalf. We have created a specific product to cover this area for Landlords wishing to take away the administration and worry that these new regulations have imposed.

Penalties for not adequatly safeguarding deposits are severe. You will not be able to issue a S21 notice to end a tenancy and may also have to pay the tenants up to three times the deposit as compensation.

TDS includes an arbitration process in the unlikely event of any disagreements over damages.

As part of our service to you we will:

• Register a deposit with TDS within 14 days of receipt
• Provide both to you the Landlord and the tenant a certificate from TDS confirming that the deposit has been protected
• Provide the new tenant with contact details for the scheme administrators, Agent contact details, explanatory notes on scheme administration and how to retrieve deposits at the end of the tenancy
• Compile a detailed inventory signed at check in by both the ingoing tenant and our Inventory Clerk
• Carry out scheduled inspections of the property
• Formally check out the tenant noting details of any dilapidations
• Return undisputed portion of deposits to the tenant within 10 working days of end of contract
• Provide to the tenant details of any proposed deductions within 10 working days of contract end
• Respond to any claim from the tenant within 10 working days
• Provide to the TDS arbitration service copies of prescribed documentation within 10 days of notification of arbitration
• Forward disputed funds to TDS