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L&TPYD
Protecting Your Deposit - [AGRTD1] - (3 pages)

Description

This form is used to protect a tenant's deposit when the Assured Shorthold Tenancy is signed under one of the Deposit Protection Schemes.

Guidance on completing the form

Further Information ( + show details )

Background Information



1. L&TPYD is used to protect a tenant's deposit when the Assured Shorthold Tenancy (AST) is signed. Tenancy Deposit Protection Schemes were introduced through the Housing Act 2004 and affect all ASTs that started on or after 6 April 2007. This form must be used in conjunction with our agreement forms that create an AST. There are three authorised UK government Tenancy Deposit Protection (TDP) schemes:

MyDeposit Scheme
Tenancy Deposit Scheme (TDS)
Deposit Protection Scheme

2. The aim of these schemes is to guarantee that tenants will get their deposits back at the end of the tenancy, if they meet the terms of the tenancy agreement and do not damage the property. All landlords of residential property in England or Wales that are let on an AST are affected by the TDP Scheme. Non-AST lettings such as company tenancies, assured tenancies, resident-landlord lettings, and personal tenancies with a rent exceeding £100,000 p.a. are not covered by these regulations.

3. There are two types of TDP schemes - custodial and insurance-based. Any landlord can use the custodial scheme but there are some restrictions on who can use the insurance-based schemes. The custodial scheme is free to landlords and tenants. It is self-financing by earning interest on the deposits it holds. The insurance based schemes require the landlord to pay a fee to join, with repeat fees in time as with most other insurance-based services.

Custodial Scheme

(a) The landlord must hand over the tenant’s deposit money to the custodial scheme to hold for the duration of the tenancy.

(b) The custodial scheme retains any interest earned on the deposit for that time.

(c) When the tenancy ends, both the landlord and the tenant must apply for the release of the deposit in the proportion agreed between them.

Insurance-Based Scheme

(a) The landlord keeps hold of the tenant's deposit and pays a fee to protect it.

(b) At the end of the tenancy the landlord is free to discuss and agree the amount of deposit to be returned, without involving the scheme.

The all three providers offer insurance based schemes, but the Deposit Protection Service is the only Government approved custodial tenancy deposit protection scheme.

4. IMPORTANT INFORMATION:

(a) TDP, as set out in the Housing Act 2004, requires that all agents/landlords protect their tenants' deposits under a statutory tenancy deposit scheme within 30 calendar days of receiving a deposit.

(b) The Landlord is also obliged, within 30 days from the date of payment, to give the Tenant and any person who has paid the Deposit on the Tenant's behalf certain written information about the way the Deposit is protected. The information to be given is set out in the Housing (Tenancy Deposits) (Prescribed Information) Order 2007 (S.I. 2007 No. 797). A copy of the following relevant document should also be attached to the form as stated on page 3.

(c) MYDEPOSITS - A copy of the Information to Tenants leaflet must be attached to your tenancy agreement. A copy can be downloaded from:
http://www.mydeposits.co.uk/letting-agents/resources-and-guides/documents

(d) TDS - A copy of the What is the Tenancy Deposit Scheme? leaflet must be attached to your tenancy agreement. A copy can be downloaded from:
http://www.tds.gb.com/agents-and-landlords-documents-and-forms.html

(e) DEPOSIT PROTECTION SERVICE - A copy of the Deposit Protection Service Terms and Conditions must be attached to your tenancy agreement. Dependent on whether you are using the insurance or custodial scheme, the appropriate copy can be downloaded from either :

http://www.depositprotection.com/documents/terms-and-conditionscustodial.pdf

http://www.depositprotection.com/documents/terms-and-conditions-insured.pdf

5. All three TDP schemes offer this service. ADR is an alternative way of resolving disputes, other than by using the traditional route of the Courts. It is an evidence based process, where the outcome is decided by an impartial and qualified adjudicator. It is not a process of mediation, arbitration, or counselling and the parties will never be required to meet with the adjudicator. Nor will the adjudicator visit the property subject to the tenancy agreement or dispute. All three TDP schemes use the ‘adjudication’ method to deal with deposit disputes.

6. The parties in dispute are required to submit their evidence to the adjudicator. They will need to do this within specified timescales laid down by the individual deposit protection scheme. You should check the processes you are required to follow with your particular scheme. The adjudicator will analyse and consider the evidence and make a binding decision as to how the disputed amount of the deposit should be distributed. Remember that the tenant has no obligation to prove his argument, because the deposit remains his property until successfully claimed for by the landlord. A landlord must prove that he has, on the ‘balance of probability’, a legitimate claim to retain all or part of the deposit. If he can’t, the adjudicator must return the disputed amount to the tenant.

7. Because participation in this ADR process requires consent by both parties, the final decision of the adjudicator is binding on both the landlord and tenant. It cannot be challenged except through a Court of Law – although the parties should seek their own independent legal advice first. The schemes are NOT permitted to re-open cases unless it can be shown that the scheme did not follow the processes laid down in its own rules, or did not take into account all the evidence submitted by the parties.

Neither Oyez Professional Services, its servants, agents, employees, parent or associated companies nor the authors or publishers of the following information shall be liable to any person, persons or other legal entity for any losses, damages, costs or other claims, howsoever arising as a result of any information contained in or omitted from this site.


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