News

Tenant Deposit Scheme

In the Practice this month we’ve been busy working through the latest government initiative to protect the interests of Landlords and Tenants - the Tenants Deposit Scheme (TDS), introduced by the Tenancy Deposit Schemes (Regulations) 2011.

The TDS applies to all leases of residential property and came into effect from 2nd July 2012. It provides for an independent party to hold the Rental Deposit during any tenancy and pay it out at the end on an unbiased basis. The aim is to avoid the disputes which have arisen between parties in the past over whether or not deductions should be made from deposit before it is released back to the Tenant and to give Tenants a level playing field to seek return of their funds at the end of the lease.

How will the Scheme work?

For existing landlords and tenants, all deposits must to be paid into the scheme by mid November 2012.

In the case of new lets, Deposits will be paid over within the week following the start of the lease and each Landlord and Tenant will be contacted by the Deposit Holder to confirm receipt of the funds.
Once the lease is over both the landlord and the tenant may apply for release of the Deposit (or part of it) If there is a disagreement then an Arbiter will rule on the position independently.

How will it affect me?

As a Landlord you will have to convince the Deposit Holder of your right to be paid all or any part of the Deposit. Critically if your inspection or tenancy records are not good enough to vouch any damage or loss then you will not be able to use the Deposit for compensation.
For Landlords we have introduced updated check-in and check-out procedures to help vouch the condition of your property.

As a Tenant, the Scheme protects your Deposit. At the end of your lease you apply to the Deposit Holder for return of your funds and these should be returned to you within 15 days. Only if the Landlord has objected to release of the Deposit will you then go through the Adjudication process. The aim is to try to return deposits within six weeks of the end of each lease.

At KW & Co we have developed systems and procedures to deal with the new changes. Talk to us about how we can help guide you through the maze!

Everyone has been affected by the recent economic downturn. In times like these we all want to protect the assets we’ve taken time and effort to acquire and build.

Last year Kingsley Wood & Co made new law: winning an action raised for clients to protect their property interests against a background of the recent abolition of the old feudal system and the resulting uncertainty over right and interest to enforce title conditions. (See Kettlewell v Turning Point 2011 SLT (Sh Ct)143)

A national charity bought a house within a local housing development and tried to use it as a residential home. This was at odds with the conditions set down when the individual plots within the site were sold and built out. Our clients objected to the change because of its affect on the value of their adjacent houses and on the amenity of the estate.

The case took some five years and tens of thousands of pounds to reach a conclusion! After complex legal arguments the Court judgment held that although the title conditions had been set before the legislation which abolished the old system, the owners of property within the estate still had the right title and interest to enforce them. The evidence showed that changing the use of the property would have had a material detrimental effect on the value of the houses in the estate and the ability of the residents to enjoy living there.

Noise; disturbance; the effect on “re-saleability”; and the restriction on the remaining owners’ ability to use their properties as they had in the past were all taken into account by the Court in reaching its decision. Ultimately the clients’ perseverance and determination allied to Kingsley Wood & Co’s legal knowledge and meticulous presentation was successful in protecting and preserving the client’s most valuable assets – their homes.

We regularly advise on all aspects of property law and would be happy to help you with any questions or concerns you may have about your property. Kingsley Wood and Julie Terrey who have many years experience in property law and the purchase and sale of commercial and residential property would be pleased to assist.

Initial Free Consultation
If you have any questions or concerns, however small, about protecting your property, then call Kingsley Wood or Julie Terrey for an initial consultation.

Experiencing difficulties at home? Need advice on any of the following:-

• Problems in your marriage/relationship;
• Financial and housing consequences of ending your marriage/relationship;
• The position regarding children of the marriage/relationship;
• Co-habitation Agreements;
• Separation Agreements;
• Divorce;
• Will;
• Power of Attorney.

Throughout the month of March we will be running a family law clinic offering a free initial consultation to all clients (new and existing) in respect of the above matters.

Call us on 01505 874114 to arrange a convenient appointment in either our Kilmacolm or Bridge of Weir office.

Where would we be without our wonderful trades people? They are fast, friendly and efficient and can be called upon at short notice.

Whether you are looking to sell or rent you can depend on us to help and advise you on how to show your property to best advantage.

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