plym77 Posted January 17, 2007 Report Share Posted January 17, 2007 Hi All Does anyone know whether the new rules (from 6/4/07) apply to new tenancies only, or whether existing ongoing tenancies will also fall under the rules? Many thanks Sherena Link to comment Share on other sites More sharing options...
GPEL Posted January 17, 2007 Report Share Posted January 17, 2007 Anything muted at the moment is still subject to Parliamentary approval. My understanding is that there may be further delays due to certain elements of legislation still requiring high level approval. In short, no-one knows until on the statute books. Link to comment Share on other sites More sharing options...
Trenners Posted January 18, 2007 Report Share Posted January 18, 2007 Hi Sherena, From the limited information available - it would appear that the legislation will apply to all NEW tenancies created on or after 6th April 2007 as well as any existing tenancies that are EXTENDED after that date. I do agree with GPEL though in that there has been much discussion as to whether there is now enough time to get the Tenancy Deposit Schemes up and running - with 6th April being only a few weeks away - and there is much speculation about the legislation being delayed ..... again ! Mark Link to comment Share on other sites More sharing options...
plym77 Posted January 18, 2007 Author Report Share Posted January 18, 2007 Thanks to both of you - that helps. I suppose we will just have to wait and see. Regards Sherena Link to comment Share on other sites More sharing options...
mindstep Posted January 18, 2007 Report Share Posted January 18, 2007 For more information go to http//www.tenantdepositscheme.co.uk Link to comment Share on other sites More sharing options...
Webb Posted January 24, 2007 Report Share Posted January 24, 2007 According to FAQs on www.mydeposit.co.uk the scheme will only apply to new deposits taken after 6th April 2007. Link to comment Share on other sites More sharing options...
Andy Jones Posted January 25, 2007 Report Share Posted January 25, 2007 Hi All Does anyone know whether the new rules (from 6/4/07) apply to new tenancies only, or whether existing ongoing tenancies will also fall under the rules? Many thanks Sherena There is lots of discussion on the new Legislation due on the 6th April, so I thought it worth giving you Your Move's perspective on this. Your Move have been registered with TDSRA thoughout 2006. We decided to enter early to test the water! at a cost of £323.00 per office. We have not passed the cost of this registration onto our Landlords in 06 and do not at this time intend to pass a charge onto them in 07 or when the legislation comes into effect on the 6th April. We have found to date TDSRA abitration to be professionally run and an effective form of dispute resolution. The new deposit legislation (as other members have identified already) is effective on all new and extended AST Leases from the 6th April. Your SPT lease's will not be effected, until Re-let. As professional Landlords managing your own properties, I am interested to understand how you intend to proceed; as I see it you have a number of options... 1. Let through an agent that is subscribed to a scheme and let them hold your deposit- dependant on this agents policy you may have an additional fee charged for TDS- YM have decided not to at this time. 2. Join a custodial scheme- National Landlords Association- insured by Hamilton Frazer or Computer Share Investor Services PLC at a cost and annual subsciption yet to be annouced. It is my understanding that if you are already a member discounted rates are available. 3 Go direct to TDS and pay a fee. Any other options? You may find these sites useful; www.mydeposits.co.uk www.tds.gb.com Regards Andy. Link to comment Share on other sites More sharing options...
Melboy Posted January 25, 2007 Report Share Posted January 25, 2007 There is lots of discussion on the new Legislation due on the 6th April, so I thought it worth giving you Your Move's perspective on this. Your Move have been registered with TDSRA thoughout 2006. We decided to enter early to test the water! at a cost of £323.00 per office. We have not passed the cost of this registration onto our Landlords in 06 and do not at this time intend to pass a charge onto them in 07 or when the legislation comes into effect on the 6th April. We have found to date TDSRA abitration to be professionally run and an effective form of dispute resolution. The new deposit legislation (as other members have identified already) is effective on all new and extended AST Leases from the 6th April. Your SPT lease's will not be effected, until Re-let. As professional Landlords managing your own properties, I am interested to understand how you intend to proceed; as I see it you have a number of options... 1. Let through an agent that is subscribed to a scheme and let them hold your deposit- dependant on this agents policy you may have an additional fee charged for TDS- YM have decided not to at this time. 2. Join a custodial scheme- National Landlords Association- insured by Hamilton Frazer or Computer Share Investor Services PLC at a cost and annual subsciption yet to be annouced. It is my understanding that if you are already a member discounted rates are available. 3 Go direct to TDS and pay a fee. Any other options? You may find these sites useful; www.mydeposits.co.uk www.tds.gb.com Regards Andy. Hang on Andy...... are you seriously suggesting that LA's will charge a fee for holding onto Tenants deposits amounting to hundreds of pounds whilst it sits in their bank accounts earning 5.25% interest? I can assure that is NOT what the Tenants deposit protection scheme was introduced for and that is to make LA's extra money by charging Landlord's for the convenience. Link to comment Share on other sites More sharing options...
Andy Jones Posted January 25, 2007 Report Share Posted January 25, 2007 Hang on Andy...... are you seriously suggesting that LA's will charge a fee for holding onto Tenants deposits amounting to hundreds of pounds whilst it sits in their bank accounts earning 5.25% interest? I can assure that is NOT what the Tenants deposit protection scheme was introduced for and that is to make LA's extra money by charging Landlord's for the convenience. I totally agree with your comments.... I suspect it will come down to the cost of the scheme at the end of the day and the involvement by the individual agent to package up the information for the dispute resolution, should there be one! Interesting times ahead. Andy Link to comment Share on other sites More sharing options...
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