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Following strenuous representations to the TDS (with PROPERTYdrum’s assistance), at least one letting agent member of the Tenancy Deposit Scheme has had some success in securing a reduced invoice for 2010.
The Hampshire agent was just one victim of the excruciating rises in annual fees for tenancy deposit protection; their invoice showed a whopping 490 per cent increase on last year’s.
PROPERTYdrum had heard from dozens of agents who were reeling from the price hikes imposed without any real warning (rises were predicted by the TDS but their level was not). After several weeks of near silence from the TDS and growing frustration among agents who found that even after multiple phone calls they were not permitted to speak to anyone about their specific case, the TDS posted a new set of FAQs on its website, which answered general questions but still gave no indication of what ‘revised’ invoices would look like.
Finally, in March, 6 weeks after the storm broke, this agent received a revised invoice which was less than half the one sent in January.
This agent has decided to stay with TDS for this year but with time to prepare for change it may be a different story next year.
Other agents will have their own experiences and views, comment now to help bring about more positive change. Email your thoughts to: Sheila@propertydrum.com