On 6th April 2007 national legislation came in to effect regarding residential Tenancy Deposits and the way they are to be handled. Three approved schemes were launched: the Tenancy Deposit Scheme (TDS), the Deposit Protection Scheme (The DPS) & Tenancy Deposit Solutions Ltd (TDSL). It became mandatory that, if you secure a Tenancy Deposit after this date, then it must be registered with one of these schemes. Heavy penalties have been put in place to ensure that Landlords and Agents adhere to this.

Detailed guidelines have also been introduced regarding deductions. Any Landlord or Agent wishing to make deductions at the end of a tenancy must provide an exact list of what is being deducted, why and proof that this was the tenants’ fault.

It has therefore become a strong recommendation, but not yet a legal requirement, that all Landlords obtain a professional inventory before any tenancy is allowed to commence. Timelines have also been set for the return of deposits.

Where an agreement regarding deductions cannot be reached an ICE, or Independent Case Examiner, must be involved. They will examine the case from both sides, reviewing any evidence available, and will rule on this basis. Their decision is final and must be adhered to by both parties.

base are proud to be members of the TDS and were entitled to join as regulated agents. As a result, since 6th April, we have been asked to retain most of the Tenancy Deposits by our Landlords which is a service we offer free of charge. We will take care of all applicable paperwork and will register the deposit supplying both Tenants and Landlords with a Certificate of Registration once complete. base must point out that, as a condition of TDS, the deposit must remain with base, in its designated Tenancy Deposit Account, for the duration of the tenancy.

For further information regarding TDS and how base can help contact our lettings & management team.