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Dispute service alters fees

Friday, November 27, 2009

Source: Catherine Deshayes

The Dispute Service (TDS), which is responsible for the UK's Tenancy Deposit Scheme, has approved a change in its method of charging subscriptions - from next year, fees will be determined on a "fairer" basis, taking into account a "dramatic rise" in disputes between landlords and tenants...

TDS chairman, John Hornsey says: "We are moving to a charge which will be based on the number of live tenancies and with discounts and uplifts to members that will reflect the number of cases referred."

However, he reassures letting agents that despite the "likely severity" of the subscription increases, agents will be able to control their costs and will still be able to off-set costs.

Tenant deposit firm, mydeposits.co.uk, has responded by saying it will offer more competitive deals for letting agents, without compromising on quality.

The firm, which is jointly owned by the National Landlords' Association and Hamilton Fraser Insurance says: "This latest decision by TDS will hit letting agents hard just when they don't need it."

In related news, the Deposit Protection Scheme has recently reported that it is sitting on almost £5 million in deposits waiting to be claimed by tenants.

DPS director, Kevin Firth, explained: "We are committed to repaying deposits as quickly as possible, but unfortunately, some tenants are not keeping their contact details up to date."

Source: www.homemove.co.uk