The Tenancy Deposit Scheme (TDS) was introduced in the Housing Act 2004 (as amended) and requires the protection of tenancy deposits. This came into effect as of the 6th April 2007, operating in England and Wales as an insurance backed scheme where landlords and agents can register the deposit within the scheme but continue to hold the deposit.
Fact: Approximately 8,948 deposits were sent for dispute which ended up in adjudication by the TDS between 2012-2013.
Did you know? Both Tenants and Landlords can initiate a dispute and you only have 3 months to submit a dispute to the TDS with all its supportive documents.
What adjudications have been awarded?
20.8% of disputes saw tenants receiving 100% of the disputed amount.
18.9% of disputes resulted in the Landlord/Agent receiving 100% of the disputed amount.
60.3% of disputes were shared between all parties.
Important note to Landlords and Tenants from Vanet Property Asset Management: Ensure that your inventory and checkout clearly highlight the condition of the property and anything else relating to the property.The properties condition must be in written format as this will be classed as evidence should a dispute arise at the end of the tenancy.
If you are a Landlord with multiple properties looking to appoint a new agent, feel free to get in touch with us on the number at the top of the page or get in touch with us with an enquiry.