The Tenancy Deposit Scheme (TDS) is delighted to announce the launch on 1 April 2016 of a new custodial deposit protection scheme in England and Wales.
The launch of the new scheme means for the first time agents and landlords will have a choice of a custodial scheme provider.
With plenty of changes affecting the industry at the moment, agents and landlords can look forward to a positive change, as from April 2016 TDS will operate both types of scheme, offering landlords and agents a one-stop shop for all their deposit protection needs.
TDS are the leading provider of the insurance scheme in England and Wales, and have operated both scheme models in Northern Ireland since 2013 where they hold an almost 80% market share. TDS also supply key services to SafeDeposits Scotland, the leading custodial deposit scheme north of the border.
TDS are bringing all their years of experience and know-how to their new custodial scheme, to deliver what they fundamentally believe to be the best deposit management system out there.
How much does TDS Custodial cost?
TDS Custodial is free service, funded by the interest received on the deposit during the tenancy. There is no charge to landlords, tenants or agents for having a dispute resolved.
Who can join TDS Custodial?
TDS Custodial is open to landlords and letting agents offering residential property for rent.
USING TDS CUSTODIAL
Just follow this simple 5 step process:
Join online for free
www.tds.gb.com/custodial - there are no membership restrictions for using the custodial scheme
Enter tenancy details - provide details of the tenancy and deposit
Pay deposit to TDS Custodial - this can be done by bank transfer, cheque, or debit card
Serve Prescribed Information - ensure the tenant receives written details of the protection – TDS Custodial provides a pre-populated form to make this process easier
Getting the deposit back
Either the landlord or tenant can start the repayment process. Once TDS Custodial receives a request for repayment, it will verify with the other party. If there is no disagreement, the deposit will be repaid as agreed. If a resolution cannot be reached and all parties agree to TDS resolving the dispute, TDS will appoint an impartial adjudicator to make a binding decision within 28 days of receiving the parties’ evidence.