Re-registering a TDS deposit?

Re-registering a TDS deposit?

by Readers Question

Guest Author

0:06 AM, 1st February 2023, About A year ago 12

Text Size

Hello, I have three properties with deposits registered with the TDS. One tenancy has come up for renewal and the tenant is happy to remain. The deposit stays with TDS, but they have emailed me asking me to re-register it at a cost of £25.

This seems unnecessary, a waste of time and a £75 total annual spend.

Am I required to do this?

Advice gratefully received.

Richard


Share This Article


Comments

10:04 AM, 1st February 2023, About A year ago

Richard, I have also found them to be very unreasonable if I have a change of one tenant half way through a 1 year tenancy they still want me to cancel the original and pay full price for a new one even though it's only for a few months, I also find their website a nightmare!
A necessary but unfortunate set up!
Paul

Karl

10:33 AM, 1st February 2023, About A year ago

I guess if you are signing a new tenancy, changes have to be made to the deposit registration, so a fee would seem reasonable.

Why not just let the existing tenancy roll over into periodic?

Property One

10:48 AM, 1st February 2023, About A year ago

Hi Richard, I use Openrent, they do all the paperwork, contract etc. They put the deposit with MyDeposits and I never pay for the deposit service beyond the initial £49 (for Openrent full service) which stays with them until the end of the contract which may be years.
As yet I have not found a more reliable service for Landlords.

Richie

11:06 AM, 1st February 2023, About A year ago

Richard
Withdraw and use the DPS.
I'v removed one tenant or added another many times and never paid anything.

Mr.A

11:22 AM, 1st February 2023, About A year ago

I use LPS ,have changed things loads of times ,never been asked to pay for anything .
These deposit scheme are supposed to be self funding ( they use the deposit money, which will be millions).
Kick TDS to the kerb and take your business elsewhere.

Judith Wordsworth

11:23 AM, 1st February 2023, About A year ago

Reply to the comment left by Richie at 01/02/2023 - 11:06
And the DPS is reasonable on not returning the deposit to the tenant but to the landlord if tenant damage equals or exceeds the deposit protected.

Not had any argument with having all the deposit returned to me.

They do not charge for the protection service. https://www.depositprotection.com/

LL 1

11:38 AM, 1st February 2023, About A year ago

Reply to the comment left by Richie at 01/02/2023 - 11:06
Agree with Richie we have never been charged by the DPS as changes done online by yourself 👍

Property One

11:46 AM, 1st February 2023, About A year ago

I have had terrible trouble with DPS and would never use them again.

Canuk

12:39 PM, 1st February 2023, About A year ago

Is your deposit protected via Insurance-backed scheme or Custodial scheme?
As the name implies, insurance-backed scheme you keep the deposit and protect the deposit for a fee. That is to say that insurance-backed scheme will attract a fee for each tenancy term, material amendments within the term and renewal of tenancy with material changes such as increase in rent or add/remove tenant. If your tenancy continues as Periodic Tenancy with no/minor changes no need to pay a fee for this. No matter whom you’re with they are same sh** with different names. TDS and MyDeposits are from NLA and RLA and they have merged as NRLA.

If your deposit is protected via Custodial scheme, you transfer the entire deposit directly into the tenancy-deposit provider’s account and they safe guard the deposit for free of charge.
Now these days, it is wise to keep the deposit and pay a fee under insurance-back scheme as you may get a better return based on your circumstances.

steven property118

12:49 PM, 1st February 2023, About A year ago

This seems nuts and something wrong here... if there is no change to the tenant then i cant see that there is any need for any changes what so ever. ive only used DPS and now looking at insurance based tenant paid options rather than taking a deposit up front, much easier on tenants that way.

1 2

Leave Comments

In order to post comments you will need to Sign In or Sign Up for a FREE Membership

or

Don't have an account? Sign Up

Landlord Tax Planning Book Now