Tenancy Deposit Scheme (TDS) has released an updated guide for landlords and agents on deposit repayments requests in TDS Custodial.
In the TDS Custodial scheme, the deposit remains held until one of the parties to the tenancy advises that the tenancy has come to an end. Either the agent/ landlord who registered the deposit or the lead tenant can initiate the deposit return process by completing a repayment request.
This guide informs both agents and landlords of what to do from starting the repayment through to conclusion of the repayment of the deposit, including key steps that can help produce a seamless journey for all parties. The guide offers useful information about the different scenarios that may arise following the repayment process, so you can be prepared for every eventuality.
At the end of a tenancy, ideally all parties would be in agreement about the return of the tenancy deposit however, this is not always the case. The guide gives details on how to claim deductions from a deposit and what happens when proposed deductions are not agreed.
Also covered within the guide, are the different timeframes of each step of the process, which can be a useful tool in managing the expectations of the parties involved. The guide also looks at what happens in the event of non-response from one of the parties.
TDS produce numerous guidance documents just like this to support customers with the deposit registration, management and returns process. To complement our readily available online guidance, TDS also run regular training sessions that have been adapted into the online environment, TDS Academy Online. The online workshops provide property professionals with invaluable training in tenancy deposit protection and tenancy deposit disputes. If you are interested in broadening your knowledge with help from industry experts, please click here for more information about course dates
For more information and access to the full guide, please click here.
About the Author
Kelly Wallace
LinkedIn: Kelly Wallace
Sales Manager at TDS
Kelly Wallace has been part of Tenancy Deposit Scheme (TDS) for six years, initially within the Dispute Resolution team, progressing to a central role within the Customer Relations department and now the Sales Manager. Kelly’s focus within TDS is business development, growth and training; this encompasses all aspects of new business in TDS Custodial and assisting agents and landlords in transitioning from alternative providers to TDS.
About Tenancy Deposit Scheme (TDS)
Tenancy Deposit Scheme (TDS) is a Government-approved scheme for the protection of tenancy deposits; TDS offers both Insured and Custodial protection and provides fair adjudication for disputes that arise over the tenancy deposits that we protect.
We provide invaluable training in tenancy deposit protection and disputes for agents and landlords through the TDS Academy as well as joining with MOL to provide the Technical Award in Residential Tenancy Deposits.
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TDS can only comment on the process for our scheme, other deposit protection schemes may have a different process/require different steps. Content is correct at the time of writing.
These views are those of the author alone and do not necessarily reflect the view of TDS, its officers and employees.
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