Protection for Landlords, Tenants and Reputable Letting Agencies

December 4th, 2012

New Tenancy Deposit Scheme Academy launched to bring professionalism to the rental market

The current rental boom and few barriers to entry have presented a ripe opportunity for anyone wishing to set up a letting agency.

The RICS’ consumer letting survey recently published highlights the lack of effective regulation of letting agents.

The Tenancy Deposit Scheme has also recognised the need for professionalism within the rental market and has launched the TDS Academy.

The courses are geared to help avoid disputes and unnecessary costs from arising in the first place and are open to landlords in addition to letting agents, property managers and other property professionals.

The TDC says ‘These courses will provide an in-depth insight into protecting deposits, coping with claims, understanding the application of Alternative Dispute Resolution and an awareness of the severe penalties that can fall on landlords who fail to follow the law.’

On 6th April 2007 the government introduced the tenancy deposit scheme.  For all short hold tenancy agreements where a landlord or agent takes a tenancy deposit, it must be protected in a government approved scheme.  Failure to do so can result in a fine on the Landlord of up to 3 times the deposit amount.

With more importance being placed on property inventory services and tenancy inventory reports by the tenancy deposit schemes, it is vitally important that this documentation is as detailed as possible by qualified inventory clerks.