Here at City Rental Services we spend time helping our buy-to-let landlords, professional tenants and student tenants understand Tenancy Deposit Schemes.
There are three main schemes:
We don’t want our landlords falling foul of their legal obligations, with the ever-changing nature of legislation affecting the property letting market in Bristol.
There are frequent horror stories in the national Press around rogue landlords and their mismanagement of tenants deposits – that should, by Law, be administered within a Government-approved Tenant Deposit Protection (TDP) Scheme.
Our CRS landlords all use one of the three listed schemes and our tenants should receive details of their deposit registration within 30 days from the payment of the deposit.
At the end of the tenancy it should be a fairly simple process to get the deposits returned, of course after the property has been cleaned and rubbish removed, service bills paid, etc.
It’s fair to say that the majority of private landlords and letting agents comply with the legislation and have a good understanding of the schemes, but if you are at all unsure about your deposit protection why not give us a call whether you are a Bristol landlord or a Bristol tenant.
Tenancy deposit schemes have raised standards and communication between landlords and tenants – indeed, Government figures show that 86% of landlords and agents no longer regard deposit disputes as an issue.
The main reasons listed in a recent article in Property Drum for disputes around rental deposit returns in 2015 so far include the following issues:
* Rent arrears
The Deposit Protection Scheme (DPS) recently reduced dispute resolution times, aiming to receive evidence from both landlord and tenant within a fortnight.
Adjudicators then have 28 days to make a decision – with a resolution sometimes being reaches within days, according to the DPS.
To get a concise overview of tenancy deposit protection, visit here.
To find out more about our letting agency services in Bristol, simply call into 58 Gloucester Road to see us.