Tenancy Deposit Scheme

sooz

chocolatechipcookies wrote: »

It is illegal for the landlord/letting agents to not be apart of this scheme. It keeps your money in a bank account that does not earn interest and the landlord cannot touch it.

Not true.

There are two schemes

1) custodial
2) insurance based

Whether the Tenant gets any interest earned (in either scheme) depends on what is written in the AST

With the insurance scheme the Landlord gets to keep the deposit
With the custodial scheme, it gets sent to the a custodial company, and does earn interest, some of which is used to pay for the scheme

moyilla

sooz wrote: »

Have you signed a contract yet?

Have you paid a deposit? If yes, how many days ago?

No contract signed yet and no deposit paid yet.

LL is coming up on 16th November to do some odd jobs and I assume 1 months rent will be handed over with bond then along with the contracts signed.

Debt_Free_Chick

moyilla wrote: »

No contract signed yet and no deposit paid yet.

LL is coming up on 16th November to do some odd jobs and I assume 1 months rent will be handed over with bond then along with the contracts signed.

My post #26

The LL has no obligation in relation to the deposit until you pay it. Once you've paid it, the LL MUST give/send you details of the TDS within 14 days. That's it

IveSeenTheLight

Debt_Free_Chick wrote: »

My post #26

The LL has no obligation in relation to the deposit until you pay it. Once you've paid it, the LL MUST give/send you details of the TDS within 14 days. That's it

I'm a LL of two properties and have not deposited either of the deposits in an TDP scheme.
Before you all shout and scream at me, both are long term tenants now in periodice tenancies therefore the deposit at the moment doesn't come under the TDP scheme requirements. Also both deposits are helpd in a seperate deposit account with my bank.

I understand that if they sign up to a new agreement, then I should have to put the original deposit into one of the TDP schemes, however everywhere I have read, this only applies England and Wales.
I am a LL in Scotland so do I have to place the money in a TDP scheme?

I dont want to go to the hassle of having to move the money or paying an insurance scheme if it is not legally required.

I shouls also say I have never had any problems with my tenants (touch wood) and therefore have never had any problem returning the full deposits to my tenants.

I believe in being a good LL to my tenants and hope that my tenants are good to my property.

Debt_Free_Chick

IveSeenTheLight wrote: »

I am a LL in Scotland so do I have to place the money in a TDP scheme?

No. There is no tenancy deposit protection scheme in Scotland.

The Housing (Scotland) Act 2006 gives the Scottish parliament powers to introduce one, but I think they're too busy worrying about how to pay for the swanky new building they're sitting in

Shelter reckon it'll be 2008 before the scheme comes in, in Scotland.

p.s. we generally assume that questions relate to the law in England & Wales and our answers are based on that premise, unless the OP states they're in Scotland. Otherwise, every post would have the reply "Are you in England & Wales ...Scotland... NI .... or somewhere else?"

moyilla

Debt_Free_Chick wrote: »

My post #26

The LL has no obligation in relation to the deposit until you pay it. Once you've paid it, the LL MUST give/send you details of the TDS within 14 days. That's it

Ok, thank you. I will just sign agreement, pay deposit etc then wait till the 14 days are up. Is that working days by the way? :rolleyes:

sooz

Not working days......REAL days!