TDS - any advice please

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Alyson
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I've asked RLA help desk for help regarding best practice for banking TDS in a situation where I am joint landlord with my elderly aunt. I'm unsure by their answer as it seems to not answer my specific requests.

I chose to go with the RLA recommended "my deposits" insurance-scheme. I've asked both My Deposits and the RLA help desk for advice if it would be best for me (as the insurance scheme is only in my name) to lodge the TDS in a separate back account purely for the houses we own - or whether its possible by law to save the deposit on a 50:50 basis between my aunt and I?

I also asked, with an insurance-based scheme, if - all went well - are we due to pay our tenant any interest accured whilst the deposit in being held by us? At the moment, in the ATS we've prepared, we do not charge any administration fee - but, with regard to the TDS (if I can't keep the interest), I feel I'd like to claim back my expenses (ie joining fees/lodging fees,etc) from any interest earned by the account.. is this legal? particularly as we have not stipulated any administration fee at all in in the tenancy application or the ATS (ATS yet unsigned - so this could be changed) - where do I stand????

So please can anyone else come up with any advice regarding the insurance-based TDS schemes?

Alyson

07/05/2008 00:00

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