Mydeposits will continue to protect all letting agents

News Category: Legal

This article was brought to you by Rentman the premium property management system.

Unaffiliated letting agents will continue to have access to insurance protection for deposits, mydeposits.co.uk, a government-approved tenancy deposit protection scheme, has announced.

Eddie Hooker, chief executive of the body, said rep it receives about an equal number of deposit dispute notifications from both unregulated letting agents and those registered with recognised professional bodies, such as Arla and Rics.

"From a disputes perspective, unaffiliated agents do not represent a higher than normal risk," he said.

It comes after the tenancy deposit scheme announced the withdrawal - from April - of insurance protection for deposits held by letting agents not affiliated with a suitable professional body.

But Mr Hooker said mydeposits.co.uk will be stepping up its financial checks on all letting agent members to ensure they are abiding by the scheme's rules.

According to figures published by the body in October, some 38 per cent of deposit disputes between landlords and tenants involved cleaning costs, while property damage accounted for 11 per cent.

How to stay legally compliant with letting agency software.