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Mydeposits slashes joining rate to just 10 pounds

01 December 2010
Written by rosalind renshaw

Mydeposits, the tenancy protection scheme set up the National Landlords Association, has slashed its one-off joining fee for landlords to just £10 – a saving of £47.50 for new landlords joining the scheme.

The offer will continue this month and next. It is not available to agents, although mydeposits have recruited some notable names this year, including Countrywide and LSL, who will have negotiated their own deals.

The new low price for landlords could also lead to some agents suggesting to their clients that they take responsibility for protecting the deposit. 

Eddie Hooker, chief executive of the scheme, said: “Our winter promotion is the perfect opportunity for landlords to sign up. 

“Once a landlord has signed up, they are a member for life and can protect their tenants’ deposits as they need to.

“Landlords can take control over the safeguarding of the deposit, which evidence now shows dramatically improves and speeds up the end of the relationship with the tenant where there is no dispute. This is the case in the vast number of tenancies.”

Comments

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    Below is an extract of an email I have just sent MyDeposits. They are absolutely disgraceful and I warn all other landlords to steer clear.

    I contacted you today and you informed me of the following. The £650 deposit which had been in the possession of MyDeposits for several months has been distributed as follows:
    £600 to the tenant. This was returned to him even though he left us with a £135 cleaning bill, a broken window, a severely scratched wooden floor (unrepairable) and an expensive specialist light fitting missing. All these things were documented/photographed and declared to you.
    The remaining £50 was sent back to my previous managing agent (although you were aware that they were no longer our managing agent and indeed you had corresponded with our new managing agent regarding the damage).
    At no point did you bother to contact myself or my new managing agent to inform us of this decision. Indeed I doubt that if I had not contacted you today, I would ever have been informed. I am curious as to why you were able to send money directly to the tenant but not me? So much for protecting money for both tenant and landlord.
    In conclusion, I as the owner of this apartment, am left with nothing to cover the costs of the damage this tenant caused.

    • 18 February 2011 20:22 PM
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    Brilliant value for money!

    • 01 December 2010 10:47 AM
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    These joining fees are ridiculous regardless of how much; especially when you have to pay a fee per deposit lodged!

    • 01 December 2010 09:10 AM
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