Countrywide Residential Lettings, the UK’s largest letting agent, has pulled out of the Tenancy Deposit Scheme. It has instead announced a new agreement with mydeposits. News of the defection will come as a major blow to the TDS. Countrywide Residential Lettings is also a keen ARLA supporter. Agents had until yesterday to re-subscribe to the scheme, under fire after hiking up its prices. The new agreement will enable Countrywide Residential Lettings to move the protection of all deposits held under Assured Shorthold Tenancy agreements to mydeposits. All new landlords will automatically register with my|deposits from now onwards. Countrywide Residential Lettings has more than 50,000 landlords and tenants on its books, through its 200 offices.John Hards, co-managing director of Countrywide Residential Lettings, said: “We have been impressed with my|deposits and their fantastic reputation for providing excellent customer service to resolve deposit disputes quickly and fairly. This decision is great news for both our landlords and tenants who have the reassurance of knowing that their deposits will continue to be protected by a government-approved scheme.” Eddie Hooker, chief executive of mydeposits, said: “Countrywide’s commitment to its landlords and tenants has no doubt been integral to its success. At my|deposits, we pride ourselves on offering members an easy-to-use, business-focused and streamlined process and we look forward to working with Countrywide going forward.” One other very large lettings chain is known also to have been in talks with mydeposits, which was originally set up to provide landlords, rather than agents, with a tenancy deposit protection service.
Comments
Very happy to answer further questions if readers have them?!?
mm
Can you clarify the question?
yes do countrywide own you?
Chaps. I'm from the National Landlords Association. But I'm also responsible for the PR activity at my|deposits.co.uk. I have some answers for you...
The change from TDS to my|deposits requires NO action from landlords who let properties with CRL.
CRL will continue to hold on to deposits (as they did before).
New landlords with CRL will have their new deposits protected through my|deposits.
Existing landlords with CRL will have their deposits transferred across.
Landlords are not required to register directly with my|deposits and there is nothing for them to do following this announcement.
Does this help?
I suspect CRL have other cost saving issues to consider too. Does this mean (from My Deposits website) that all new landlords have to become members of My Deposits, and if so is that what they are going to want? I might have read it wrong but it appears that existing landlords will be transferred and new landlords will have to register? Who's going to hold the deposits?
You have to wonder what the financial implications will be for TDS. How many other agents have decided to leave, and will we be told?