Page 61 - planet_rent

Tenancy Deposit Protection - Housing Act 2004:
14
A landlord must within 30 days of receiving a deposit .
• protect it (within an authorised scheme), and,
• serve on the tenants:
(a) copy of the deposit certificate,
(b) prescribed Information, &
(c) the deposit protection scheme leaflet

Ringley are members of the TDS (Tenancy Deposit Service) scheme’s
custodial scheme. Planet Rent is connected to the TDS service via
an API (Application Protocol Interface). On receipting the deposit
(by successful card payment or entering the amount and uploading
the bank statement as proof) Planet Rent submits the contract data
to the TDS service who via the API return:
 the deposit registration number,
 a PDF Deposit certificate.

On receiving the TDS Certificate Planet Rent automatically emails
out to all tenants:
(a) copy of the deposit certificate,
(b) prescribed Information, &
(c) the deposit protection scheme leaflet

To assure compliance in app setup, we recommend to TICK the
option:
[ ] auto send TDS Certificate to tenant(s) to assure compliance with the Housing Act 2004.
The penalties for not registering the deposit are that the tenant(s) can claim compensation of 1 to 3
times the amount of deposit IF the landlord:
 doesn’t protect the tenancy deposit in a tenancy deposit protection scheme,
 doesn’t give you certain information about the scheme being used,
 takes too long to protect your deposit, or
 does not give you prescribed information.
The above is in addition to asking for the court to order the landlord to refund all or part of the deposit
and interest on any late return of deposits.

Many Build to Rent Clients are now moving away from deposits for a number of reasons:
 to be more competitive than other types of property,
 to be able to charge higher weekly rents (as without a deposit total cash outlay can be less
even with a higher rent),
 by taking a reserved amount on a credit card (to demonstrate probity),
 by taking credit card numbers up front from tenant(s) and/or guarantor(s) for end of tenancy
damage charges.
Planet Rent looks for any missing or failed TDS registrations (on the basis of live contract and missing
TDS certificate # or PDF), and shows these on the dashboard.

14 Tenancy Deposit protection – Housing Act 2004, Part 6, Chapter 4, paragraph 213 - See Appendix 9

58