A. The deposit is held by us the agent and
we are a member of the Tenancy Deposit Scheme, which is administered by:
The Dispute Service Ltd
P O Box 541
Phone – 0845 226 7837
Fax – 01494 431 123 email – firstname.lastname@example.org
- We will hold the
deposit under the terms of the Tenancy Deposit Scheme
- We hold tenancy
deposits as Stakeholder meaning no deductions can be made from the deposit
without consent. Preferably in writing, from both parties, or from the
court, or an adjudication decision from The Dispute Service.
B. At the end of the tenancy covered by the
Tenancy Deposit Scheme
NOTICE - Our Management may be terminated by either
side on giving no less than three months’ notice in writing and should this
occur then commission shall be payable at the rate of 10% per annum for the
outstanding period of the agreement.
- If there is no dispute we will keep
any amounts agreed as deductions where expenditure has been incurred on behalf
of the Landlord, or repay the whole or the balance of the Deposit according to
the conditions of the Tenancy Agreement with the Landlord and the Tenant. Payment of the Deposit will be made within
10 working days of written consent from both parties.
- If after 10
working days following notification of a dispute to us and reasonable attempts
have been made in that time to resolve any differences of opinion, there
remains an unresolved dispute between the Landlord and the Tenant over the
allocation of the Deposit it will (subject to point 3 below) be submitted
to the ICE for adjudication. All
parties agree to co-operate with adjudication.
- When the amount in
dispute is over £5000 the Landlord and Tenant will agree by signing the
Tenancy Agreement to submit the dispute to formal arbitration through the
engagement of an arbiter appointed by the ICE although, with the written
consent of both parties, the ICE may at his discretion accept the dispute
for adjudication. The appointment
of an arbitrator will incur an administration fee, to be fixed by the
Board of The Dispute Service Ltd from time to time, shared equally between
the Landlord and the Tenant. The
liability for any subsequent costs will be dependent upon the award made
by the arbitrator.
- The statutory
rights of either the Landlord or the Tenant(s) to take legal action
against the other party remain unaffected.
- It is not
compulsory for the parties to refer the dispute to the ICE for
adjudication. The parties may, if
either party chooses to do so seek the decision of the Court. However, this process may take longer
and may incur further costs.
Judges may, because it is a condition of the Tenancy Agreement
signed by both parties, refer the dispute back to the ICE for
adjudication. If the parties do
agree that the dispute should be resolved by the ICE, they must accept the
decision of the ICE as final and binding.
- If there is a
dispute we must remit to The Dispute Service Ltd the full deposit, less
any amounts already agreed by the parties and paid over to them. This must be done within 10 working
days of being told that a dispute has been registered whether or not you
or we wants to contest it. Failure
to do so will not delay the adjudication but The Dispute Service Ltd will
take appropriate action to recover the deposit and discipline us.
- We must co-operate
with the ICE in the adjudication of the dispute and follow any
recommendations concerning the method of the resolution of the dispute.
SELLING - Should a sale be agreed with any of our
Tenants or any associated party after commencement of the tenancy, we shall
charge a commission of 1.95% of the sale price plus VAT, payable on completion
of the sale.
ADDITIONAL SERVICES - In the event that we
undertake exceptional or unusual duties as instructed by you a further charge
would be made as may be fair and reasonable in all circumstances.
INCORRECT INFORMATION – The landlord warrants that
all the information he has provided to us is correct to the best of his
knowledge and belief. In the event that
the Landlord provides incorrect information to us which causes us to suffer
loss or causes legal proceedings to be taken the landlord agrees to reimburse
and compensate us for the losses suffered.
We hope to be able to find tenants for you very quickly, and that we
shall have a long and happy business association.