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Deposit protection scheme - changing from insured to custodial
itwasntme001
Posts: 1,239 Forumite
I have recently got new tenants for my property and we all signed the terms etc to include the prescribed information under the DPS insured scheme.
I haven;t protected the deposit yet (still within 30 days) but I want to instead use the custodial scheme as the DPS insured scheme registration is a headache given the ID checks etc.
Am I fine to do this, given the tenants and I signed the deposit PI to be protected using insured scheme? I guess it should be fine as it no way impacts the tenants negatively, in fact perhaps psotively as the money is held by the scheme given it is custodial?
Or are there legal issues with regards to this given what was signed?
0
Comments
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It’s your choice as the landlord. Provided you give the tenant details of where the deposit is held, I don’t see it as an issue.I'm a Forum Ambassador on the housing, mortgages, student & coronavirus Boards, money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.3
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