Updating post from Reddit.
Does anybody have experience with ending a TDS Insured Scheme on a deposit (where the landlord/EA holds the deposit)
What does the EA/Landlord have to do to end the protection? In particular, what happens if the tenant doesn't claim the deposit back and is uncontactable? Is there any information (e.g. last tenancy date, result of the deposit) you have to tell TDS, or does the protection just expire naturally and you get to keep the deposit?
The only way for the landlord to get the money from custodial schemes is to make a valid claim for losses. Otherwise the tenants funds will go to the TDS Charitable Foundation if the tenant fails to collect it.
Thanks for the message, but what about for the Insured scheme? Where the landlord holds the deposit and not TDS
Generally they just keep hold of it and earn the interest off the deposit.
Generally speaking it's very easy with TDS insured scheme, you click a few buttons online and protection is ended. Noone checks and noone cares unless the tenant raises a dispute thru TDS. Disputes are only accepted up to 3 months after the end of the tenancy.