Simple Question. Which Tenants Deposit Scheme?

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  • Simple Question. Which Tenants Deposit Scheme?

    Been through a lot of the posts of this and I'm still unclear on differences.

    The scheme through my letting agent via Mydeposits.co.uk is £40 but what's the difference between this and the free DPS? Any benefit of the agent holding on to the deposit? Which scheme is largely recommended by landlords here using letting agents?

    The 3 schemes I'm offered are:

    The Dispute Service - Agent Holds Deposit
    Tenancy Dispute Solutiond - I hold the deposit
    Deposit Protection Service - Scheme holds deposit

    Thanks
    Last edited by kopper; 14-01-2013, 18:20 PM. Reason: more details

  • #2
    The benefit of the agent holding the deposit is that he can run off with the money, go bust & shut up shop & you still remain entirely responsible for the deposit...

    Or don't take any deposit ... becoming quite popular....
    I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

    Comment


    • #3
      Originally posted by kopper View Post
      Been through a lot of the posts of this and I'm still unclear on differences.
      Don't mean to be rude, but the difference between the schemes are clear.


      Originally posted by kopper View Post
      The scheme through my letting agent via Mydeposits.co.uk is £40
      It'll cost you £30 to register it direct with mydeposits (excluding joining fee)

      Originally posted by kopper View Post
      but what's the difference between this and the free DPS?
      £40. mydeposits the deposit is in your account. With DPS it's in their account.

      Originally posted by kopper View Post
      Any benefit of the agent holding on to the deposit?
      None, just increased risk that you may be out of pocket at some point in the future.

      Originally posted by kopper View Post
      Which scheme is largely recommended by landlords here using letting agents?
      Depends on where you want to keep the deposit. For a single property landlord, DPS is probably better. More than one property with regular turnover of tenants, mydeposits is better. Very difficult for a landlord to join Dispute Service.
      I offer my advice freely, but I am not an expert, solicitor or judge. It is simply my experience of being a landlord and what I have learnt along the way. I make no warranty for my opinion.

      Comment


      • #4
        Thanks. I think I will keep hold of the money and register with mydeposits .

        Comment

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