Giving landlords a greater choice
The Tenancy Deposit Scheme has always been open to landlords, but it has widely been regarded as being the Scheme of choice for regulated letting agents. Now, in association with the Residential Landlords Association, TDS is able to deliver a competitive offering to landlords.
For the increasing number of people taking out buy to let mortgages and stepping into the role of landlord for the first time, the benefit of insured deposit protection cannot be overstated. Without the bureaucracy and inflexibility of the custodial Scheme, the landlord holds the deposit and TDS only becomes involved should a dispute arise at the end of the tenancy. There is no delay waiting for the deposit to be paid out – the landlord simply pays the deposit out as agreed, meaning the tenant receive their money back quicker and the landlord can settle contractor bills where necessary. TDS is the voice of authority in deposit protection, and the resources and expertise available to landlords will be invaluable, particularly for the growing contingent of 'reluctant landlords' which ARLA recently highlighted.
But most importantly for landlords, the cost of protecting a deposit through DepositGuard is cheaper and easier than the other insurance-based scheme. At a time where costs are rising, landlords can save themselves time and money with the new TDS scheme. RLA landlords will benefit from a low cost pay-as-you-go deposit protection scheme, with no registration fees or additional charges for access to adjudication services. Marketed by the RLA as DepositGuard, this is good news for landlords. Registering to use the service takes a matter of seconds, and can all be done online - as can protecting the deposit, making payment, and making any changes to the tenancy. The Tenancy Deposit Protection Certificate is emailed to the landlord once the payment has been confirmed and sets out exactly what must be done to comply with the Housing Act 2004. All information is provided including Prescribed Information for landlords to serve on their tenants as well as compulsory clauses for inclusion in their tenancy agreements.
Landlords signed up to DepositGuard keep the deposit themselves in a UK bank account for the duration of the tenancy agreement. The charge paid ensures that the deposit is protected for the fixed term tenancy agreement created, plus any statutory periodic tenancy which continues at the end of the fixed term.
And, at the end of the tenancy, both parties also have access to the alternative dispute resolution service within three months of the lawful end of the tenancy, at no extra cost.
By considering the insurance based tenancy deposit protection and taking a fresh look at what TDS can offer them landlords can save themselves time and money when they need it most.
To find out more about DepositGuard, visit http://www.tds.gb.com/landlord-membership-fees.html or telephone 0845 226 7837.
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