Tenancy Deposit Scheme
Unless otherwise instructed, this amount is equivalent to five weeks rent. We hold the deposit as stakeholder between the parties and the balance of full deposit will be returned to the Tenant after agreement has been reached regarding any dilapidation’s which may have occurred.
For more information see What is the Tenancy Deposit Scheme?
The Agent is a member of the Tenancy Deposit Scheme, which is administered by:
The Dispute Service Limited
The Progresion Centre
42 Mark Road
If the Agent is instructed by you the Landlord to hold the Deposit, we shall do so under the terms of the Tenancy Deposit Scheme.
The Agent holds tenancy deposits as Stakeholder (if not already specified within the Tenancy Agreement).
At the end of the tenancy covered by the Tenancy Deposit Scheme…
- If there is no dispute we/the Agent will keep any amounts agreed as deductions where expenditure has been incurred on behalf of the Landlord, or repay the whole or the balance of the Deposit according to the conditions of the Tenancy Agreement with the Landlord and the Tenant. Payment of the Deposit will be made within 10 working days of written consent from both parties.
- If, after 10 working days following notification of a dispute to the Agent/Member and reasonable attempts have been made in that time to resolve any differences of opinion, there remains an unresolved dispute between the Landlord and the Tenant over the allocation of the Deposit it will (subject to B 4.3 below) be submitted to the ICE for adjudication. All parties agree to co-operate with any adjudication.
- When the amount in dispute is over £5,000 the Landlord and the Tenant will agree by signing the Tenancy Agreement to submit the dispute to formal arbitration through the engagement of an arbitrator appointed by the ICE although, with the written consent of both parties, the ICE may at his discretion accept the dispute for adjudication. The appointment of an arbitrator will incur an administration fee, to be fixed by the Board of The Dispute Service Ltd from time to time, shared equally between the Landlord and the Tenant. The liability for any subsequent costs will be dependent upon the award made by the arbitrator.
The statutory rights of either you/the Landlord or the Tenant(s) to take legal action against the other party remain unaffected.
It is not compulsory for the parties to refer the dispute to the ICE for adjudication. The parties may, if either party chooses to do so seek the decision of the Court. However, this process may take longer and may incur further costs. Judges may, because it is a condition of the Tenancy Agreement signed by both parties, refer the dispute back to the ICE for adjudication. If the parties do agree that the dispute should be resolved by the ICE, they must accept the decision of the ICE as final and binding.
If there is a dispute I/we must remit to The Dispute Service Ltd the full deposit, less any amounts already agreed by the parties and paid over to them. This must be done within 10 working days of being told that a dispute has been registered whether or not you or I/we want to contest it. Failure to do so will not delay the adjudication but The Dispute Service Ltd will take appropriate action to recover the deposit and discipline me/us.
The Agent/we must co-operate with the ICE in the adjudication of the dispute and follow any recommendations concerning the method of the resolution of the dispute.