Tenancy deposit protection (TDP) schemes are a way of ensuring that money paid by tenants is kept safe.
By law, landlords must protect their tenants' deposits using a TDP scheme if they have let the property on an assured shorthold tenancy which started after April 6th 2007.
Lenwell Property Services are full 'Regulated' members of 'The Dispute Service'. The scheme 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.
Lettings Agencies who are eligible for the scheme have to be members of approved professional bodies such as ARLA, the Association of Residential Letting Agents, or RICS, the Royal Institution of Chartered Surveyors.
Members of these bodies are fully bonded, carry professional indemnity insurance, operate ring-fenced client accounts and have qualified staff.
When the agent is holding a deposit but cannot negotiate a settlement between landlord and tenant, all details of the dispute, along with the amount of deposit money that cannot be settled, will be sent to the Independent Case Examiner for the Scheme. The dispute will then be subject to expert third party adjudication and the apportioning of the deposit money.
Each case will be assessed by one of a network of specially trained adjudicators. The Independent case Examiner, operating as an Ombudsman, will make a decision within ten working days of receiving the necessary paperwork. The deposit money will be distributed no more than five days after that.
Said Lawrence Greenberg, Independent Case Examiner for the scheme, "By joining the TDS, firms are providing yet another guarantee of fairness and security for both landlords and tenants and we are delighted that Lenwell Property Services have joined us."
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