This article has been written in response to a landlord’s query: “Do I have to re-register my tenancy deposits every year?”
Landlords who are members of the TDS Insured scheme pay a deposit protection charge for each deposit they protect with us. This charge covers the whole of a fixed term tenancy and any statutory periodic tenancy that follows it, if there are no material changes to the terms. In other words – one charge for the life of the tenancy.
In the Insured scheme, a new deposit protection charge is payable if:
For those tenancies that ‘roll over’ into a periodic tenancy, without any substantive changes, there is no need to re-register the deposit at the end of the fixed term. There is also no need to pay another charge.
There is no charge to register and protect deposits with the TDS Custodial scheme. In this case, deposits are protected until either party notifies us that the tenancy has come to the end. There is also no requirement to inform TDS if a new tenancy agreement is signed if the terms remain unchanged and the deposit amount remains the same.
However, if there is a change in circumstances, with a change of tenant(s) for example, landlords would have to notify TDS. We have straightforward processes in place for dealing with these changes.
It’s quick and easy to register deposits with us, and unless things have changed with a tenancy, there is no need to re-protect or pay additional fees. Quick and easy deposit protection – it’s what TDS is here for.
Tenancy Deposit Scheme (TDS) is a Government-approved scheme for the protection of tenancy deposits; TDS offers both Insured and Custodial protection and also provides fair adjudication for disputes that arise over the tenancy deposits that we protect.
We provide invaluable training in tenancy deposit protection and disputes for agents and landlords through the TDS Academy as well as joining with MOL to provide the Technical Award in Residential Tenancy Deposits.
TDS Insured Scheme: where a TDS member can hold the tenancy deposits as stakeholder during the term of the tenancy.
TDS Custodial Scheme: where TDS hold the deposit for the duration of the tenancy.
TDS Academy: TDS provides property professionals with invaluable training in tenancy deposit protection and tenancy deposit disputes.
TDS Northern Ireland: TDS is Northern Ireland’s leading and only not for profit tenancy deposit protection scheme.
TDS can only comment on the process for our scheme, other deposit protection schemes may have a different process/require different steps. Content is correct at the time of writing.
These views are those of the author alone and do not necessarily reflect the view of TDS, its officers and employees.