The Housing Act 2004 requires landlords and letting agents to protect deposits on AST’s (assured shorthold tenancies) in a scheme such as the TDS (Tenancy Deposit Scheme).
The TDS is the leading tenancy deposit scheme backed by ARLA, NAEA and RICS and the scheme enables landlords and agents to provide an insurance backed tenancy deposit protection offering an impartial dispute resolution if disagreements arise over how the money is divided at the end of a tenancy.
The TDS is the only scheme which allows a dispute to be raised by the landlord, tenant or letting agent. If a dispute is raised which can be up to 3 months post contractual tenancy end date, it will be assessed by an adjudicator under the alternative dispute resolution. The TDS provide this service free of charge.