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Tenancy Deposit Scheme (TDS)

1. Management Bonds

Cardiff Lettings is a Member of the Tenancy Deposit Scheme, which is administered by:

The Dispute Service Ltd, PO Box 1255, Hemel Hempstead, Herts, HP1 9GN
Phone:
  0845 226 7837
Web:
      www.thedisputeservice.co.uk
Email:
   deposits@tds.gb.com
Fax:
      01442 253193

For properties managed by Cardiff Lettings bond deposits will be collected and registered with         The Dispute Service.

At the end of the tenancy covered by the Tenancy Deposit Scheme:

If there is no dispute we will keep any amounts agreed as deductions where expenditure has been incurred on your behalf, or repay the whole or the balance of the Deposit to the tenant according to the conditions of the Tenancy Agreement. Payment of the Deposit will be made within 10 working days of written consent from both parties.

If, after 10 working days* following notification of a dispute and reasonable attempts having been made in that time to resolve any differences of opinion, there remains an unresolved dispute over the allocation of the Deposit it will be submitted to the ICE for adjudication, all parties agree to co-operate with any adjudication.

The statutory rights of either you the landlord or the tenant(s) to take legal action against the other party remain unaffected.

* Time scales can be changed by agreement with the tenant or by the contract used as standard

It is not compulsory for the parties to refer the dispute to the ICE for adjudication. The parties may, if either party chooses to do so, seek the decision of the Court. However, this process may take longer and may incur further costs. Because it is a condition of the Tenancy Agreement signed by both parties, judges may refer the dispute back to the ICE for adjudication. If the parties do agree that the dispute should be resolved by the ICE, they must accept the decision of the ICE as final and binding.

If there is a dispute we must remit to The Dispute Service Ltd the full deposit, less any amounts already agreed by the parties and paid over to them. This must be done within 10 working days of being told that a dispute has been registered whether or not you or we want to contest it. Failure to do so will not delay the adjudication but The Dispute Service Ltd will take appropriate action to recover the deposit.

As a stakeholder we must co-operate with the ICE in the adjudication of the dispute and follow any recommendations concerning the method of the resolution of the dispute.

2. Let Only Bonds

If you decide to manage the property yourself you will be responsible for protecting and managing the Deposit. We will transfer the deposit amount to your chosen scheme under our account with that scheme. Once they have confirmed receipt, we can then transfer the amount over to your account. You are then responsible for issuing the tenants with their Bond Deposit Certificate and Prescribed Information in accordance with the Terms and Conditions of your chosen scheme. If you fail to do so the Tenants can take legal action against you in the County Court. The Court can make an order stating that you must pay the Deposit back to the Tenant or lodge it with the custodial scheme which is known as the Deposit Protection Service. In addition a further order will be made requiring you to pay compensation to the Tenant of between one and three times the Deposit.

If you fail to meet the initial requirements to protect the deposit, no Section 21 Notice can be served until you either return the deposit to the tenant in full or with such deductions as the tenant agrees; or if the tenant has taken proceedings against you for non-protection and those proceedings have been concluded, withdrawn or settled.

If you fail to serve Prescribed Information, you cannot serve a Section 21 Notice until the Prescribed Information has been served. This will not prevent a tenant from issuing proceedings for late provision of the Prescribed Information and seeking a penalty award.

Tenants can make an application to a county court for a penalty award even where the tenancy has ended, and can do so for up to six years.

We have no liability for any loss suffered if you fail to comply with the terms and conditions of your chosen scheme or Regulations regarding the securing of Deposits.

Definitions

Agent means an individual or company who lets or manages property on behalf of its owner.

Deposit means any sum collected from the tenant at the start of the tenancy, as prescribed in the tenancy agreement and held by the Member on behalf of the tenant as security against: performance of obligations under the tenancy agreement; any damage to the property etc.; and/or non-payment of rent during the tenancy period.

ICE means the Independent Case Examiner.

Landlord means an individual or company who lets property.

Member means an agent or landlord who has joined TDS.

Stakeholder means an individual or company, e.g. a letting agent or a solicitor, who holds the deposit as a quasi-trustee on behalf of both parties.

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FEATURED PROPERTY

£900 PCM +Bond/Fees
  • Cardiff Bay
  • Apartment
  • 2 bedrooms
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