Tenancy Deposit Scheme
A deposit is taken by Thomas Merrifield Lettings & Management for Assured Shorthold Tenancies and must be protected by a Tenancy Deposit Scheme. This scheme applies to all landlords and letting agents renting property in England and Wales.
What is a Tenancy Deposit Scheme?
Tenancy Deposit Schemes 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. Disputes over deposits are rare for Thomas Merrifield tenants, but you are 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.
The Tenancy Deposit Scheme
Thomas Merrifield has selected The Tenancy Deposit Scheme (TDS) as its preferred scheme for providing tenancy deposit protection. TDS is an insurance backed, deposit protection and dispute resolution scheme run by The Dispute Service.
How does it work?
- Under the Tenancy Deposit Scheme, tenants will still pay their deposit to Thomas Merrifield Lettings & 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 30 days of receiving your deposit, Thomas Merrifield must provide you with details of how your deposit is being protected including:
- Contact details of the TDS
- Contact details of the Thomas Merrifield Lettings & Management
- 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 & Management will return all or some of the deposit
- If there is a dispute, Thomas Merrifield Lettings & 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 may be handed to the Landlord who will then arrange for the deposit protection. Often we do still hold the deposits even for Letting Only Landlords but this will be confirmed prior to the start of the tenancy.
For further information on The Tenancy Deposit Scheme please visit www.thedisputeservice.co.uk or call 0845 226 7837.