The LandlordZONE Journal – “LandlordLOG�

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The LandlordZONE Journal – “LandlordLOG�
December 2005 – Issue 004

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The UK Housing Act 2004 involves one of the biggest changes for landlords for many years and most of its provisions will be enacted in April 2006. We continue this series on the Housing Act with a primer on the new Tenancy Deposit Schemes (TDS) due to be introduced in October 2006. There will be two types of scheme: a “custodial scheme� where a third party will hold the deposit and an “insurance scheme�, where the deposit is held by the landlord, but in the event of a dispute, the landlord pays the monies into the scheme pending arbitration (ADR) or court resolution of the dispute.

This issue is wholly sponsored by www.Coverlet.co.uk – one of the leading providers of insurance for the rental property market.

The issue addresses the new TDS regime. The next issues will look in more detail at new Tenancy Deposit Scheme

Current content includes:
• The new Tenancy Deposit Schemes (TDS)
• Welcome—the Editor
• Which scheme is preferable?
• Why is the Government doing this?
• Is this something I can just ignore?
• What do I do next?
• Book Review: Identity Theft: prevention and victim assistance, published by The Credit Reporting Agency Limited.
• Insurance from www.CoverLet.co.uk
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The links to the journal are also posted at:
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www.LandlordLOG.com

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Deposits have long been the bain of landlord’s lives, apart from those landlords who have no intention of paying them back.

Most see them as a form of protection, but some effectively see them as their bonus in the letting business—these types are in the minority I’m sure.

By far the most landlord / tenant disputes in private residential lettings arise from deposits and their return. What’s fair wear and tear? What represents damage? What is a clean cooker? Who is responsible for minor repairs? Was this noted on the inventory or is there an inventory at all?

To be fair, many disputes arise from the unrealistic expectations of tenants but landlords don’t always realise how important a quick return of the deposit is to fix a tenant’s new accommodation.

Voluntary schemes have been tried in the past with limited success. It is going to be interesting to see how effective a compulsory scheme can be?

Or is it just going to add another expensive layer of regulatory bureaucracy to little effect—who in fact foots the bill? I’m pretty sure that Government has no intention of doing so!

Having a third party involved adds a degree of objectivity, which often helps the honest landlord—damage awards are sometimes more than the landlord asked for! The key, as always, is diligent management and documentary evidence!

Editor.
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