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Tenancy Deposit Scheme Advice

Started by SMALLBOY, January 08, 2014, 07:07:21 PM

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SMALLBOY

Hi

I am bining my agent when the contract comes to an end on my property, and managing the tenants direct.

I have a quick question with regards to the Tenancy Deposit Scheme.
I have read the advice on the site and gives great pointers, thanks.
Just need advice from your experience on preferred Schemes

1) Which of the three schemes is recommended?
2) Which of the two account options (custodial and insured) is recommended for a private landlord.

Cheers for the help.

P

Riptide

The schemes as far as I can see are pretty much the same apart from the fact you can keep hold of the money (for a fee) by using DPS insured.  Depends what your intentions are for the money you keep hold of, i.e cash flow etc.  Both use an arbitration service so a proper inventory is paramount.

SMALLBOY

Hi Riptide.

Cheers for your reply.

With regards to the deposit itself, i have no intentions to hold it, and would rather just have it help with the scheme, no grey areas then.

And have just set up an account with the recommended www.depositprotection.com.

I take it that the custodial account is free, as the scheme retains the money, until repayment.

I had an inventory done by a third party company via the agent when the tenant moved in, so that will stand even though the agent will be gone.

So does that mean that if the landlord and tenant disagree on the repayment of the full deposit after the contract expires than it is settled via the arbitration service of the scheme?

cheers

Riptide

I take it that the custodial account is free, as the scheme retains the money, until repayment - Yes it is (they must be making a small fortune out of all the money they are sitting on)

I had an inventory done by a third party company via the agent when the tenant moved in, so that will stand even though the agent will be gone - Good Stuff

So does that mean that if the landlord and tenant disagree on the repayment of the full deposit after the contract expires than it is settled via the arbitration service of the scheme? - Yes and having the inventory (proof) is the best way of sorting things


Good luck and if you need any insurances, Building/rent insurance let me know and I can get a quote for you.

SMALLBOY

Cheers Riptide.

So looks like using DPS and the custodial type account is my best option.

Thanks