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  • Deposit Protection

    TDS - demand for deposit cap compliance tool



    Tenancy Deposit Scheme (TDS) records over 17,000 hits to its depositcap.com information centre in a single month

    • TDS is the only scheme to provide landlords and letting agents with the ability to increase/decrease the value of the deposit themselves, online, to comply with incoming Deposit Cap legislation in England
    • Online resource centre provides advice and tools to comply with the Deposit Cap, part of the Tenant Fees Act 2019
    • TDS is the only scheme to create an online calculator which, by inputting the monthly rent amount, can determine the value of a five/six-week deposit, a tool also available for agents to host on their own websites

    Tenancy Deposit Scheme (TDS) warns that the clock is ticking for landlords and agents in England to prepare for the incoming legislation, as the June 1 deadline for the implementation of the Tenant Fees Act 2019 approaches.

    The UK’s largest tenancy deposit protection scheme (by the value of deposits protected) last month launched DepositCap.Com, an online resource to provide information to those who will be affected by the new legislation, and it has already seen over 17,000 unique visits.

    The resource centre offers examples of how the Tenant Fees Ban could affect tenancy deposit protection (TDP), providing landlords and letting agents with the information that they need to avoid any breach of the new rules and outlining how new systems put in place by TDS makes it easy for members to adjust the deposit value accordingly, to comply with legislation.

    From 1 June this year, on any new or renewed AST (Assured Shorthold Tenancy), the tenancy deposit will be capped at five weeks’ rent where the annual rent is less than £50,000 and six weeks’ rent where the annual rent is £50,000 or more.

    Steve Harriott, Chief Executive of Tenancy Deposit Scheme (TDS), said:

    “The number of visits that we’ve had to the website, in only a month, shows that there is a huge appetite for clear information and guidance on how to comply with the changes and avoid possible fines or prosecution.

    “Agents and landlords are in real danger of falling foul of the law if they don’t make themselves aware of the implications of the new rules. We’re doing everything we can to make things as easy as possible for everyone to not only understand how the legislation affects them but also enabling agents and landlords a simple online solution to quickly and securely adjust the value of the deposits in-line with the new legislation.

    “Educating our customers and members on their TDP responsibilities is paramount and we strive to make the processes of deposit protection simple, quick and efficient. As the only not-for-profit tenancy deposit protection scheme, we’re able to invest surpluses back in to the business to create new and innovative technology solutions to support our Custodial and Insured members in this way.”

    The TDS suite of tools developed in response to the Tenant Fees Act 2019 can be seen at http://www.depositcap.com

    SEE ALSO  -        An end to tenant fees

    UP NEXT -            Plans for when Tenant Fees Bill come in?

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