New internet only tenancy deposit scheme
- 10th September 2008
- Landlord Property News
A new Government approved internet only tenancy deposit scheme has just been launched with the added advantage of reduced fees.
The new internet only service launched by mydeposits.co.uk, called 'mydeposits lite' will benefit from reduced fees because of the reduction in administration.
Landlords pay just £17.50 to protect a deposit of £300 or less, but they keep hold of their tenants' deposits instead of handing them over to a third party.
David Salusbury, chairman of mydeposits.co.uk, says: "Tenancy deposit protection is now part and parcel of a landlord's legal responsibilities and mydeposits lite is designed to make things as easy as possible for landlords who do not want to hand their tenants' deposits to a thrid party.
"The fact that it is an internet only service means that landlords can register deposits quickly and easily, while lower administrative costs have allowed us to pass savings on.
"All landlords inEngland and Wales should be reminded that if they fail to comply with tenancy deposit protection legislation they face considerable risks. Limits will be placed on their ability to seek possession and they can be forced to pay compensation to the tenants to the tune of three times the deposit amount."
Tenancy deposit protection is now part and parcel of a landlord's legal responsibilities.
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