Brokers to Remind Landlords about TDS

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Brokers are being encouraged to remind landlords that they must comply with the Tenancy Deposit Scheme. Research has found that up to 40% of landlords are still not aware of their responsibilities.

There are three schemes landlords can use landlords can either pay the deposits in themselves or choose one of two options based on insurance where deposits are retained but pay premiums to insurers.

Tenants deposits must be protected by one or he other of the schemes for any assured shorthold tenancies with deposits of up to £25,000.

If properties are damaged landlords can withhold deposits to pay for repairs.

Brokers should make sure that their buy to let clients are aware of the schemes and ensure that they join one of the options available plus it should also be pointed out that as from 1st October an Energy Performance Certificate must be shown to all new tenants. There is no need to provide one for existing tenants and once the certificate is in place they last for ten years.

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