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What is the Tenancy Deposit Scheme?
A Tenancy Deposit Scheme is a Government-backed scheme in which a tenant's deposit can be held and protected.
There are currently three main schemes which are:
- Deposit Protection Service (DPS)
- My Deposits
- Tenancy Deposit Scheme (TDS)
The Housing Act 2004 requires landlords and letting agents to protect deposits on assured shorthold tenancies.
Landlords and letting agents have 30 days to protect your deposit and provide written information about the scheme it is being held with.
Your landlord or agent must give you the following written information:
- amount of deposit paid and the property address it relates to
- contact details of your landlord or agent and deposit protection scheme used
- scheme leaflet explaining the rules
- how to get your deposit back and when deductions can be made
- what happens if you can't agree about how much should be refunded or if your landlord or agent doesn't respond
Why do I need an Inventory report?
An Inventory report act an agreement between the landlord and the tenant(s) in regards to the "cleanliness and condition" of the property before, during and at the end of the tenancy period. It is not to be confused with the general terms and conditions outlined in the tenancy agreement
In the event that there is a dispute between the landlord and the tenant(s) regards to damages or costs, the reports serve as a vital piece of evidence for all parties as the photo's, video and audio may be used as a reference point for disputes.
Typically, reports are used as evidence when deductions are to be made from the security deposit.
Can I make the report myself?
A report should always be made by an independent third party as it will ensure impartiality, consistency, accuracy and fairness.
In addition, an experienced clerk will also create the report in a different manner and approach as there will be more aspects of the property covered, certain terminology or phrases used and a further admin required to conclude the write-up or observations.
By having an experienced clerk do this for you, you are saving time, able to ask questions and gain peace of mind that the report is created by a professional.