Tenancy Deposit Schemes - THE TDS

Tenancy Deposit Protection was introduced by the Housing Act 2004 and came into force on 6 April 2007. Its aim is to ensure good practice in deposit handling and to assist with the resolution of disputes. Any deposit taken after 5 April 2007 in connection with an assured short hold tenancy (AST) needs to be held in accordance with the rules of one of three approved schemes. Likewise, any deposit in respect of a renewed or extended tenancy will need to be held in the same way.

Varsity Student Lets use The Dispute Service (TDS) and for only £10 per tenancy, we will take full responsibility to meet with the criteria specified in the regulations, thereby giving the landlord peace of mind that his right to repossession after six months will not be jeopardised and there will be no risk of repaying the tenant three times the deposit as is the current penalty.
 

To ensure the scheme is able to protect you adequately it is essential that a full inventory and schedule of condition is produced prior to any tenancy commencing and that preferably a check in agreeing the Inventory with the tenant is undertaken. At the end of a tenancy, once a checkout has been completed, any dispute between the landlord and tenant over the schedule of damages may be sent to The Dispute Service for adjudication.
 

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