Deposit Protection – How Much??

- Fri 21 Mar 2014

I returned after a week away from the office (well not emails!) to find on my desk the renewal notice for Bradleys Membership of the TDS, the government approved deposit protection scheme. It was a good job I had already sat down as the bill was huge, but then I thought, actually our membership now protects about 1600 Tenant deposits to the value of £1.2 Million at any one time.

It is when I looked at the number of disputes that were referred to the TDS Independent Case Examiner that it was confirmed that Bradleys were involved in only 1.25% of deposits sent to TDS pending a dispute and less than 1% went on to be resolved by adjudication. You will understand why, that in this day and age when we are all looking for value for money, I felt this it is a lot of money for a service rarely used in full.

Of course our membership of an approved scheme is required by law and provides complete peace of mind to both Tenants and their Landlords that, in the event of an irreconcilable dispute, there is access to a completely independent arbitrator to pass a sound award judgment.

Where we do get value from TDS however, is from an excellent source of staff training and helpful advice in unusual circumstances that can often arise in administering deposits back to tenants or awards to Landlords.

The real unsung heroes in all of this though are my Property Management Vacate Team in Head office. This team are dedicated to ensuring the right and fair result for all parties at the end of a tenancy. It is their commitment and tenacity that ensures that the disputes are kept to a minimum and resolved to the satisfaction of all concerned. I take my hat off to them.

Tenants and Landlords can view the benefits of Bradleys’ membership of TDS Website

Lyndon Bent - Bradleys Commercial Director

Lyndon Bent
Bradleys Director