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Tenancy Deposit Schemes
Options

mrsdarbs
Posts: 412 Forumite

Can anyone recommend the a good company to go with for this?
Any advice. I have to arrange this ASAP as I have a tenant moving in on Wednesday and want it all done straight away for peace of mind for both of us, so intend to draw the letter up etc this weekend.
Just not sure which is the best and cheapest way to do this?
thanks
Any advice. I have to arrange this ASAP as I have a tenant moving in on Wednesday and want it all done straight away for peace of mind for both of us, so intend to draw the letter up etc this weekend.
Just not sure which is the best and cheapest way to do this?
thanks
0
Comments
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There are 3 schemes - one (DPS) is custodial and if free to use, the other two are insurance based, so the LL retains the actual deposit, but a fee is charged (TDSL/ Mydeposits or TDS). You can sign up and register the deposit online in about 15 mins, then download the prescribed information for your T. Protect yourself by asking the T to sign to acknowledge receipt of the info.
My preference would be for mydeposits : it will costs you £57.50 membership fee plus a one off charge of around £30 for deposits over £300, or around £17 for those less than (if reg online). Don't forget that you can set those fees against tax.0 -
Am using www.mydeposits.co.uk.
Easy and quick to set up. Joining fee plus one off charge per deposit. You get to retain the deposit.
The advantage being the whole thing can be set up online within minutes.0 -
Thanks very much guys!!
I had checked out the direct gov website and saw the two options and mydeposits did seem the easier and quicker option, just wanted someone else's opinions as I'm new to this!
I shall sort everything out with them!
I have an agent in place to sort out the tenancy agreement etc but is there like a main website for help for new landlords or is the government site the best one?
I will get her to sign some sort of acknowledgement - good piece of advice!0 -
Ok - so actually think I have changed my mind lol!
I'm thinking of going with the custodial scheme as it is free and I won't have to worry about setting up a new account in which to hold the deposit.
Does anyone use these scheme as opposed to insurance based?0
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