What are the new Tenancy Deposit Schemes?

These schemes have been developed to ensure that tenants' deposits are protected and that disputes about their return are resolved swiftly, inexpensively and impartially.

Why is it in place?

Before April 6th 2007, tenants in the private sector gave their landlords a deposit against possible non-payment of rent or damage to the property. When a tenancy came to an end, there was usually no disagreement about the return of the deposit. However, this wasn't always the case, and that caused much hardship and inconvenience to both landlord and tenant.

From April 6th 2007, the Government set up new schemes for the handling of deposits, backdated to April 6th 2006. They are designed to protect both landlord and tenant, instructing all deposits to be registered with a scheme upon the commencement of a new tenancy. All deposits must be sent away to a custodial scheme, or protected by one of two insurance based schemes. ***UPDATE*** From April 6th 2009, the Tenancy Deposit Scheme has withdrawn protection from unregulated Letting Agents. Any agent who wishes to belong to the TDS, must belong to any of the following governing bodies: ARLA (Association of Residential Letting Agents), NALS (National Approved Letting Scheme), NAEA (National Association of Estate Agents), RICS (Royal Institute of Chartered Surveyors) or TLS (The Law Society). As Luff Associates are members of ARLA and the TDS, we can register a deposit on your behalf, giving all our landlords and tenants complete peace of mind.

Luff Associates strive to maintain a service that is second to none, so it is no surprise that we are consistently recommended to new and existing landlords. Even some of our tenants come back to us when they become landlords themselves.

Click here to order one of our landlord guides or call 01276 64881 and speak to one of our friendly and professional lettings team.