Deposit Cap: agents want more information - and now

The Tenancy Deposit Scheme says that success of its information centre shows that the industry wants more information on the deposit cap that comes into force, along with the fees ban, on Saturday.

The TDS says it’s already recorded over 17,000 hits to its online information centre in a single month, and it warns agents that the clock is now ticking for them to prepare for the cap.

From June 1, on any new or renewed Assured Shorthold Tenancy, the deposit will be capped at five weeks’ rent where the annual rent is less than £50,000 and six weeks’ rent where the annual rent is £50,000 or more.

TDS chief executive Steve Harriott says: “The number of visits that we’ve had to the website, in only a month, shows that there is a huge appetite for clear information and guidance on how to comply with the changes and avoid possible fines or prosecution.

“Agents and landlords are in real danger of falling foul of the law if they don’t make themselves aware of the implications of the new rules. We’re doing everything we can to make things as easy as possible for everyone to not only understand how the legislation affects them but also enabling agents and landlords a simple online solution to quickly and securely adjust the value of the deposits in-line with the new legislation.

“Educating our customers and members on their TDP responsibilities is paramount and we strive to make the processes of deposit protection simple, quick and efficient. As the only not-for-profit tenancy deposit protection scheme, we’re able to invest surpluses back in to the business to create new and innovative technology solutions to support our custodial and insured members in this way.”