#ASKTDS: “DO I HAVE TO RE-REGISTER MY DEPOSITS EVERY YEAR?”

#AskTDS: “Do I have to re-register my deposits every year?”

Landlords who are members of the TDS Insured scheme pay a deposit protection charge for each deposit they protect. This charge covers the whole of a fixed term tenancy and any statutory periodic tenancy that follows it. The insurance protection must be updated correctly according to the tenancy terms.

In the Insured scheme, a new deposit protection charge is payable if:

• there is a material change in the terms during a fixed term tenancy or during a periodic tenancy, or
• the terms of a periodic tenancy are materially different from the terms of a preceding fixed term tenancy (e.g. change to the amount of the deposit or a change in the parties), or
• a fixed term tenancy is renewed, even if the renewal is on the same terms as the previous tenancy.

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. The tenancy can be updated as periodic via your landlord account, you must do this before the end of the insurance protection. We will notify you before the tenancy insurance protection ends. If not updated as periodic you may be required to protect again.

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 an end. There is also no requirement to inform TDS if a new tenancy agreement is signed as long as 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 and re-protect the deposit. 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.