Inventory Management Solutions

When the Government introduced the Tenancy Deposit Protection Scheme in April 2007, little did landlords realise how this scheme was going to affect them.  Because of the Tenancy Deposit Protection Scheme (TDS) it’s no longer possible for a landlord or letting agent simply to deduct any costs of tenant damage from a rental deposit unless the tenant agrees that they can.  If the tenant wants to dispute the Landlord’s demand, then the landlord has to make a formal claim either via the courts or via the Government’s appointed Dispute Service.

This means that, if the landlord’s inventory isn’t rock solid , clearly showing that the tenant is responsible for any damage, then the landlord’s claim will fail.

Protecting Your Deposit

From 6 April 2007, all deposits (for rent up to £25,000 per annum) taken by landlords and letting agents for Assured Shorthold Tenancies in England and Wales, must be protected by a tenancy deposit protection scheme. 

There are two types of tenancy deposit protection scheme available for landlords and letting agents (insurance-based schemes and custodial schemes). All schemes provide a free dispute resolution service.

The schemes:

•  allow tenants to get all or part of their deposit back when they are entitled to it
•  make any disputes easier to resolve
•  encourage tenants and landlords to make a clear agreement from the start on the condition of the property

The Tenancy Deposit Protection is designed to ensure:

• you get all or part of your deposit back, when you are entitled to it
• any disputes between you and your landlord or agent will be easier to resolve
• landlords and letting agents who do not protect tenancy deposits will have to pay their tenant back three times the deposit