New online deposit scheme launched
News Category: Industry News
Published: 09-Sep-2008
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A new online tenancy deposit scheme has been launched by mydeposits.co.uk.
This offers landlords an alternative to handing deposits from tenants staying in their residential lettings and is government-approved.
A landlord using the scheme pays just £20 to protect a deposit of up to £300.
Landlords across the UK have been required to protect their tenants' deposits with government-approved third party companies since April 2007.
David Salusbury, chairman of mydeposits.co.uk, explained: "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.
"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."
Research by the websiteshows that 71 per cent of landlords prefer to use an internet-only provider to manage their deposits.
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