Tenancy Deposit Protection
From the 6th April 2007, all deposits (for rent up to £25,000 per annum) taken by Thomas Merrifield Lettings and Property Management for Assured Shorthold Tenancies must be protected by a Tenancy Deposit Scheme. This scheme applies to all landlords and letting agents renting property in England and Wales after this date.
What Are Tenancy Deposit Schemes?
The Government have introduced Tenancy Deposit Schemes to ensure tenants get back the amount of deposit they are entitled to at the end of their tenancy. This encourages tenants and landlords to make a clear agreement from the start on the condition of the property making disputes easier to resolve.
How Will This Affect Our Tenants?
Thomas Merrifield Lettings and Property Management already provide clear and detailed information on the condition of rental properties so disputes over deposits are rare. However, as a Thomas Merrifield tenant you will be protected from having deposits unfairly held and in the unlikely event of a dispute arising, the Tenancy Deposit Scheme will make these disputes easier to resolve.
As a tenant you will still be responsible for keeping the property in the same condition it was let to you and for paying the agreed amount of rent and any other expenses at the correct time.
The Tenancy Deposit Scheme
The Government have awarded three contracts to companies to run its tenancy deposit schemes. The Tenancy Deposit Scheme (TDS) has been awarded one of the contracts. TDS is an insurance backed, deposit protection and dispute resolution scheme run by The Dispute Service and has been selected by Thomas Merrifield as its preferred scheme for providing tenancy deposit protection.
How Does it Work?
Under the Tenancy Deposit Scheme, tenants will still pay their deposit to Thomas Merrifield Lettings and Property Management.
This deposit will be retained by Thomas Merrifield who will then pay a premium to TDS to insure against failure to repay part or all of the deposit.
Within 14 days of receiving your deposit, Thomas Merrifield must provide you with details of how your deposit is being protected including
• Contact details of the tenancy deposit scheme selected
• Letting Agent’s contact details
• How to apply for release of the deposit
• Information explaining the purpose of the deposit
• What to do if there is a dispute about the deposit
At the end of the tenancy
• If an agreement is reached about how the deposit is to be divided Thomas Merrifield Lettings and Property Management will return all or some of the deposit
• If there is a dispute, Thomas Merrifield Lettings and Property Management will hand over the disputed amount for safekeeping until the dispute is resolved by the dispute resolution service
• Should we fail to comply the insurance arrangements will ensure the return of the deposit to you if you are entitled to it
• If the letting agent and tenant both agree to use the service offered by their scheme provider to resolve a dispute they are bound by its decision
When properties are let, but not managed by Thomas Merrifield, deposits are handed to the Landlord who will then arrange for the deposit protection.
If you have any queries or require further information please call us or email us. For further information on The Tenancy Deposit Scheme please visit www.thedisputeservice.co.uk or call 0845 226 7837.
