Holding Deposit Scheme

[MrLandlord]

Hi

Im becoming concerned over the timing of this new system, I understand its in force from October but I have yet to receive any more details.

I have already updated/improved my inventories but was under the impression there was going to be a 'uniformed inventory' for all agents/landlords.

My worries are October is only around the corner & I want to be in a position to be ready.

Anyone know when full details will be released about this scheme ?

Personally im not a fan of this deposit scheme, I try to ensure my tenants deposits are funded very quickly.

Dealing with a government agency I have huge concerns over the delays especially if their is a dispute (my tenancy agreement states 28 days for deposit to be refunded).

Anyways, no doubt time will tell. :)

[Poppy]

I'm a landlord and I'm not a fan of this legislation.

I have been dealing with idiot letting agents (ARLA-registered by the way) who are trying to insist that I must pay my new tenants' deposit into an insurance scheme. I told them the legislation doesn't take effect until October and any deposits taken before that time do not come within the new rules. Jeesh! Who's doing whose job here?

We'll all know for sure when the government knows...

[Mogs]

Its on the grapevine that this TDS starts in April of next year, the usual delays.
Most people don't want it, however it will stop -a very small number of - landlords who refuse on any grounds, usually false, to return deposits - that is why it is needed. I am an inventory clerk, and so far there are no plans, that I have heard, for 'uniform inventories.' It would make life so much easier if there were. My inventories cover absolutely everything, so have no worries, many -homemade - inventories are lacking in enough info of the condition of the property.

[Paul_f]

Poppy. All ARLA Registered Agents have to be members of the TDS now, and therefore deposits that are disputed at the end of a tenancy are referred to the scheme. The deposit will still be able to be held by a regulated agent after the scheme becomes compulsory.

The scheme is most unlikely to be implemented by October as planned as the scheme administrators haven't yet been chosen by the government and is not expected to be announced until late August. This will be far too late to start on 1st October.

Mogs has got it wrong as the target date is still October, but you must have become used to this government announcing lots of proposals only to find they are delayed.

[Poppy]

Please clarify something for me.

Regardless of the fact that an ARLA-registered agent is currently part of the Tenants Deposit Scheme, if I as landlord choose to hold the deposit myself for a tenancy beginning before October 2006 - I can do so?

Otherwise the agents are saying that the law applies now even though the law does not actually come into being for another five months. That doesn’t make sense. :confused:

[MrLandlord]

I cannot see any reason why you cant hold the deposit yourself prior to October.

Id say your agent is talking out of his azz. :eek:

[justaboutsane]

RLA have posted to say the date has been unofficially moved to April 2007 with more news to follow!

[catcuddler]

the target date is still October, but you must have become used to this government announcing lots of proposals only to find they are delayed.

And we know what happens to 'targets' - they become 'aspirations' - as seen in areas such as education. The meeting of targets can be measured. Aspirations are more difficult to measure. So here's hoping for once, that things run true to form. Never thought I'd say that.

[Mogs]

I knew I was right about April. I must listen to different grapevines from Paul f, the amount of networking events I go to. Paul is normally correct tho'. I have not heard yet of a scheme that is in place ready for the activation date. Although anyone can set one up and yet never be included, so beware, I would have thought it would be better to wait until an official date and to use companies that have been approved, before an agent says they are already in the scheme and ready fo the target date.