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Which scheme is best?
Malibusmash
Posts: 111 Forumite
Does anyone have an opinion on which deposit protection scheme is best out of the three?
Although similar in price (for the insured options), I'm unsure of the differences.
Can anyone shed any light on criteria required for choosing?
Although similar in price (for the insured options), I'm unsure of the differences.
Can anyone shed any light on criteria required for choosing?
0
Comments
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I don't think that there is a difference when it comes to adjudication.
Many landlords like insured scheme because, although they must pay a fee, they hold on to the deposit and therefore the tenant must raise a formal dispute to get the money back in case of argument.
The downside, which may be costly, is that landlords must make absolutely sure that they follow the scheme's requirement, e.g. when a new tenancy is created, or the protection might lapse.
With the custodial scheme the deposit remains protected no matter what, but the landlord might have to jump through hoops to get his hands on the money.0 -
Thanks for your answer JJ0
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