From 6th April 2007 all tenancy deposits taken by landlords (or agents for landlords) in connection with an Assured Shorthold Tenancy (AST) must be protected by law under one of two types of statutory Tenancy Deposit Protection (TDP) Scheme – a single custodial scheme or one of two insurance based schemes.
Faulkner is a member of one of the two custodial schemes, called THE DISPUTE SERVICE
It guarantees protection of the deposit; and a fair, independent and expert assessment and settlement of any disputes over its return at the end of a tenancy. This is sometimes needed when landlords and tenants are totally unable to agree the amount due for damage, dilapidation or loss at the end of a tenancy.
Faulkner are eligible for the scheme because they are members of an approved professional body, like ARLA, (The Association of Residential Letting Agents) and NALS (National Approved Letting Scheme) and comply with all the regulations as laid down under the scheme. We are fully bonded, carry professional indemnity insurance, operate separate, ring-fenced client accounts and have qualified staff.
Faulkner has welcomed the TDS as a way protecting both Landlords and tenants.
In summary, if part (or all) of a deposit is in dispute between parties and after proper attempts to resolve that dispute have failed then either party can notify the dispute to The Dispute Service. Both parties will then be required to submit evidence for the dispute resolution provider to adjudicate on the dispute and decide what is fair. Once adjudication has been made the administrator will allocate and pay out the money in line with findings within ten days.
For more details
The Dispute Service Limited, PO Box 541, Amersham, HP6 9ZR
Call 0845 226 7837
Or go to The Dispute Service web site at
http://www.thedisputeservice.co.uk
ARLA is the
only professional and regulatory body solely concerned with residential lettings. It keeps its members up
to date with changes in legislation and the many other requirements for a successful letting practice. An
ARLA member has been in business at least two years; holds separate clients accounts and can demonstrate
that these are professionally managed and audited; holds professional indemnity insurance to comply with
the requirements of ARLA's fidelity bond; and offers a full management service to landlords in addition to
letting and rent collection.
is an accreditation scheme for lettings and management agents offering peace of mind to landlords and tenants in knowing that they are dealing with a firm which agrees to meet defined standards of customer service, together with having in place the necessary insurances to protect clients' money plus a customer complaints procedure offering independent redress.
