Tenancy Deposit Scheme

It is important to us that our Tenants have the full protection of the Law and because of this Colin Dean are members of the Tenancy Deposit Scheme.

What happens to my deposit?
Under this scheme any deposits paid to and held by Colin Dean are securely kept in a legally established Client's Account.  The Tenancy Deposit Scheme (TDS) ensures that if there is a dispute between the Landlord and the Tenant as to how the deposit should be allocated at the end of the Tenancy both parties can rely upon the TDS to make a binding decision on how the deposit should be allocated.

At the end of a tenancy covered by The Tenancy Deposit Scheme (TDS)

Managed Tenancies
If we are managing your tenancy, a “check-out” will be conducted at the tenants expense at the end of the tenancy, using the inventory which was prepared before the tenant moved in. The Independent Inventory Clerk will then prepare a check out report detailing any discrepancies with the original inventory.  Our Property Managers will then negotiate between you and the tenants regarding any deductions that may be necessary from the deposit.

Non-Managed Tenancies
If we are not managing the tenancy, a check out will be conducted  at the tenants expense, and a check out report will be sent to both you and the tenant.  You will need to reach an agreement with the tenants as to what, if anything, should be deducted from the deposit to meet the cost of cleaning, repairs etc.   We will require either a letter from both landlord or tenant, or a completed “deposit return form” signed by both parties before we can repay the deposit held.

If there is no dispute we will keep any amounts agreed as deductions where expenditure has been incurred on behalf of the landlord, or repay the whole or the balance of the deposit according to the conditions of the tenancy agreement with the landlord and the tenant. Payment of the deposit will be made within 10 working days of receipt of written consent from both parties

If, after 10 working days following notification of a dispute to the agent and reasonable attempts have been made in that time to resolve any differences of opinion, ther remains an unresolved dispute between the landlord and the tenant over the allocation of the deposit it will (subject to clause B5.3 below) be submitted to the Tenancy Deposit Scheme for adjudication. All parties agree to co-operate with any adjudication.

When the amount in dispute is over £5,000 the landlord and the tenant will agree by signing of the tenancy agreement to submit the dispute to formal arbitration through the engagement of an arbitrator appointed by the scheme although, with the written consent of both parties, The Scheme may at its discretion accept the dispute for adjudication.  The appointment of an arbitrator will incur an administration fee, to be fixed by the board of The Dispute Service Limited from time to time, shared equally between the landlord and the tenant.  The liability for any subsequent costs will be dependent upon the award made by the arbitrator

The statutory rights of either the landlord or the tenant to take legal action against the other remain unaffected.

It is not compulsory for the parties to refer the dispute to the TDS for adjudication. The parties may, if either party chooses to do so, seek the decision of the court.  However, this process may take longer and may incur further costs.  Judges may, because it is a condition of the tenancy agreement signed by both parties, refer the dispute back to the TDS for adjudication.  If the parties do agree that the dispute should be resolved by the TDS, they must accept the decision of the TDS as final and binding.

If there is a dispute we must remit to the Dispute Service Limited the full deposit, less any amounts already agreed by the parties and paid over to them.  This must be done within 10 working days of being told that a dispute has been registered whether or not you or we want to contest it.  Failure to do so will not delay the adjudication but The Dispute Service Limited will take appropriate action to recover the deposit and discipline us.  We must co-operate with the TDS in the adjudication of the dispute and follow any recommendations concerning the method of the resolution of the dispute.


You can find out more about this on the TDS website as follows:

http://www.tds.gb.com/