Search Results for: tenant deposit schemes
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Features
Are redress schemes working?
The ‘regulation lite’ system brought in by the Government for sales and lettings agents got cheers all round in 2014. But does it still deliver? Nigel Lewis reports.
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Latest property news
Tenants’ money at risk
YouGov poll shows that 61 per cent of renters incorrectly think money is protected by law.
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Latest property news
New custodial deposit schemes launched
There is now a wider choice of schemes for landlords and lettings agents to protect their tenants’ deposits. Until now, the Deposit Protection Service (DPS) was the only choice for those wanting a custodial service, where the whole deposit is handed over to the scheme for the duration of the tenancy, with no fees attached. The custodial schemes are funded entirely from the interest earned from the deposit pool. Now two new custodial services have been launched by the Tenancy Deposit Scheme (TDS) and Mydeposits, to run alongside their insured schemes which enable landlords or agents to retain the deposit during the tenancy but in return pay a protection fee to the scheme. Steve Harriott (left), Chief Executive at TDS, said, “As the UK’s leading provider of tenancy deposit protection, we know that landlords and agents in the private rental sector want more choice when it comes to meeting their legal obligations to protect tenancy deposits. “The launch of TDS Custodial now gives them that choice, providing a fast, free and secure service that removes the hassle from protecting their tenant’s money. Those who make the switch to TDS Custodial can expect a quick transfer of the deposit into our…
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Products & Services
Tenancy deposit protection
It’s mandatory but there are choices – which one is best to protect your business and your clients?
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Latest property news
Tenancy deposit deadline day
Letting agents and property managers are being encouraged to urge landlords to check that their tenants’ deposits have been stored in a Government-protected scheme by the close of play today (Tuesday 23rd June) or they could be liable to pay the occupants of their property compensation. The deadline, which was imposed as part of the Deregulation Act, will impact on landlords who have existing tenancies that commenced before Tenancy Deposit Protection (TDP) was introduced in England and Wales in April 2007. Landlords and agents who still hold a deposit on a tenancy that started prior to 6th April 2007 and then rolled into a Statutory Periodic Tenancy (SPT) on or after that date must protect the deposit and serve the prescribed information by today to prevent being fined. For deposits taken before the 6thApril 2007 and where the tenancy became periodic prior to this date, landlords and agents are not required to protect the deposit however, they will not be able to serve a section 21 notice to regain possession of the property unless the deposit is protected with a tenancy deposit scheme. This new legislation is viewed upon as “another positive step towards raising standards in the professional lettings…
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Agencies & People
‘Lack of evidence’ gives tenants advantage in disputes
A high volume of tenants are continuing to win deposit scheme disputes due to a lack of evidence, according to Imfuna Let, which has commented on the issue in light of statistics from the Tenant Deposit Scheme Annual Review 2014. According to the Review, since the tenant deposit schemes initiative came into force in 2007, tenants have won 100 per cent of a deposit more often than landlords. The figures reveal that renters have received the full deposit in 20.25 per cent of cases, compared to 18.21 per cent for landlords. Furthermore, the dispute amounts have leapt from £736 in 2010-2011 to £860 in 2013-2014. Cleaning remains the most common cause of dispute, appearing in 53 per cent of all cases. This is followed by damage (46 per cent), redecoration (29 per cent), arrears (16 per cent) and gardening (14 per cent). “Despite the best efforts of the deposit schemes, landlords and agents are not being awarded 100 per cent of the deposit as often as tenants,” said JaxKneppers, Founder and CEO of Imfuna Let. “It is worth asking ourselves why landlords have failed to improve their success rate at disputes over the last few years? One obvious reason is…
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Features
Tenant referencing – a landlord must
With the advent of the 'accidental landlord' and popularity of buy-to-let, checking tenants' backgrounds is a must, says Marc Da Silva.
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Movers & Shakers
Chris cleans up in Bath
After launching his property inventory business 18 months ago entrepreneur Chris Simpson has just taken on a third member of his team.
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Latest property news
Fraudulent Essex lettings agency duo narrowly miss going to jail
Two directors of an Essex lettings agency have narrowly escaped going to jail after the couple failed to lodge deposits totalling £42,794 for 73 rental properties with the approved government schemes. George and Kim Overill, who ran two companies in the county – Oakpark Properties (UK) Ltd and Oakpark Asset Management Limited in Harwich – appeared in court yesterday where they pleaded guilty to two counts each of contravening professional diligence as directors and a further two counts of fraudulent trading. In October last year the couple, who previously ran a roofing company before getting into lettings, faced 38 counts of fraud, engaging in unfair commercial practices and fraudulent trading.They originally denied all the charges. The court heard from a former employee that money at the business was “tight” and that one member of staff had injected £6,000 of her own cash into the businesses to keep them afloat while Mrs Overill went on exotic holidays and extended the couple’s home in Thorpe-le-Stoken. Essex lettings agency In mitigation, defence lawyer Stephen Dyble said the couple had not intended to commit fraud when they set the businesses up and that money owed to tenants had been paid back. Alison Lambert, prosecuting,…
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Guest Blogs
The property market: Is the cavalry coming to our rescue?
Is Britain's new Prime Minister Andy Burnham coming to save the property market, asks Trevor Abrahmsohn, founder of Glentree international.
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