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  • Deposit Protection

    Choosing TDP - Custodial vs. Insured scheme?



    Welcome to Day 2 of "Tenancy Deposit Protection Week" 2017, celebrating the 10th anniversary of TDP in England and Wales.

    To mark this auspicious occasion, Property Tribes has joined forces with our TDP partner, Tenancy Deposits, to run "Tenancy Deposit Protection Week" all this week.

    We have created some really valuable youtube videos and content to assist you with TDP issues.

    Today, TDS CEO, Steve Harriott explains the difference between the custodial and the insured scheme and how landlords can decide which scheme they wish to use.


    Key points from the video:

    Both the custodial and the insured scheme meet the legal requirements of TDP.

    The landlord can decide which scheme to use.

    In the custodial scheme, the landlord transfers the deposit to the TDP scheme to look after it for the duration of the tenancy. At the end of the tenancy, the landlord and tenant decide how to apportion the deposit.  This scheme is free.

    The insured scheme sees the landlord holding the deposit themselves, but the landlord has to register the deposit with the TDP scheme, and there is a modest charge associated with this.

    The choice of TDP scheme does not affect the tenant.

    TDS is the longest running scheme and is backed by the industry, having been set up with ARLA and RICS and also working closely with the RLA.

    TDS is also not for profit and any surplus cash is re-invested back into improving the service.

    Over the last 7 years, TDS has invested heavily in technology and customer service improvements to create a better landlord experience.

    TDS is very keen to raise standards in the PRS and offers landlords a lot of information, support, and training.

    Previously:

    Monday - TDP - history and highlights

    Tune in daily for Tenancy Deposit Protection Week - ALL THIS WEEK!

    Need to protect your deposits?

    TRY DEPOSIT PROTECTION MADE EASY WITH TDS 

    *Transparency notice:  TDS is a commercial partner of Property Tribes.

    SEE ALSO  -           TDS or DPS? Insured or custodial?

    UP NEXT -               End of tenancy - how clean is clean?
     
    DON'T MISS -         Deposit return - how long does landlord have?

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