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Deposit protection scheme
pizzarelli7348
Posts: 99 Forumite
I am looking at deposit schemes for tenant's deposit, so from what I could gather online there are three authorised providers,
Deposit Protection Service (DPS)
MyDeposits
Tenancy Deposit Scheme (TDS)
which one is better to use?
The letting agent we are using is saying he charges £25 for registering the deposit, surely we can do it ourselves! What are other landlords using?
Thanks
Deposit Protection Service (DPS)
MyDeposits
Tenancy Deposit Scheme (TDS)
which one is better to use?
The letting agent we are using is saying he charges £25 for registering the deposit, surely we can do it ourselves! What are other landlords using?
Thanks
0
Comments
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Well I use Mydeposits0
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I use DPS, free and quick to register online.
Make sure who ever you use, you issue the tenant with the FULL prescribed information, with proof of serving this to them.0 -
DPS is the custodial scheme where the tenant's money actually changes hands and is paid over into the scheme. This is free to use.
Both TDS and MyDeposits are insurance-based where the landlord retains the funds and incur a fee.
I wouldn't be paying the agent a cent to register the deposit unless that £25 is the insurance-fee.0 -
I asked this last week, DPS was recommended. Took me 5 mins to register online and it's free.0
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