What is a Tenancy Deposit Scheme?
A Tenancy Deposit Scheme (TDS) is a government backed scheme where your tenancy security deposit is kept until you reach the end of your tenancy. Simply put, it means your landlord doesn’t keep your money in their personal account once you have given it to them. They will have put it in a TDS to keep it protected. In legal terms, the deposit remains the belonging of the tenant and at the end of tenancy they are entitle to have the money back on the condition they have met the terms of their tenancy agreement. If the landlord and tenant disagree on whether the terms of agreement were adhered to, they are said to be in dispute.
Why would a landlord try to withhold the money?
Your landlord could withhold the refund of your deposit if they believe you have done any of the following:
Not met the agreements made on the tenancy agreement
Damaged the property
Failed to pay your rent and bills on full or on time
The best way to avoid any of this is to adhere to the terms of your tenancy agreement at all times, and make sure you pay your rent in full on time. This will put you in a much stronger position at the end of your tenancy.
What happens to the security deposit?
The money from the security deposit will continue to be protected in the TDS until any disputes are settled and an agreement is reached. Neither you nor your landlord can access this money in the meantime. No third party will be able to access the money either.
How soon can I get my money back?
At the end of tenancy, and when you have reached agreement on the amount to be paid back, a landlord is obligated to refund the amount agreed within 30 days of the agreement. This is providing the dispute does not continue and an agreement is made.
What happens if my landlord won’t refund my deposit?
If your landlord thinks you have contravened the agreement in any way or damaged the property, they can refuse to return your deposit. If this happens then the security deposit will continue to be kept in a TDS until such time the dispute is resolved.
My parents paid my deposit for me. Can they still get it back?
Any third party that made the payment on your behalf is subject to the same rules and regulations as above. The money will stay protected in a TDS until an agreement is made. If you contravene the terms of your tenancy agreement, they money will still be withheld, even if it was your parents you paid it for you.
Make sure you get help today, get in touch with Piglord.
Here is more help on UK tenant laws.
Cheryl Vrinten is a legal writer for various solicitors on the web. You can find her on Google plus here.
