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Outrage as Deposit Scheme hikes prices by 835%

The TDS (Tenancy Deposit Scheme) is one of three Government schemes introduced in 2007 to regulate how deposits are collected, processed and to resolve deposit disputes.  Since inception the schemes have proved controversial.  Although supposedly the schemes act in a neutral manner to both landlords and tenants, the very naming of the schemes - and certainly the manner in which we have found them to operate - is solely in the interest of the tenant.  The landlord is left to protect his/her interests with only the assistance of their letting agent.

The TDS have found themselves inundated with claims and unable to cope and control their costs.  The TDS has now, in a desperate move, axed 80 per cent of their external arbitrators who judge disputes and decide how the deposits are to be allocated between tenant and landlord.  A small in-house team will now process disputes, which will undoubtedly lead to greater delays in the adjudicating of deposit disputes.  The response to hike up the fees that letting agents pay annually to the TDS is the predictable response, rather than trying to understand why such schemes are fundamentally flawed in the first place.  Our TDS membership fee this year has risen by an outrageous 835% in just one year, yet this so called not-for-profit government backed organisation revealed pre-tax profits of over £1.1 million at Companies House. 

Disclaimer
These particulars are intended only as general guidance. The Company therefore gives notice that none of the material issued or visual depictions of any kind made on behalf of the Company can be relied upon as accurately describing any of the Specified Matters prescribed by any Order made under the Property Misdescriptions Act 1991. Nor do they constitute a contract, part of a contract or a warranty.

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