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Property/DIY

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Original poster

Rent deposit scheme

16 replies

TotallyOuted · 03/10/2014 18:41

Ok i need to get one of these thingies for our tenants rent, what are they called and can you recommend a good one?

OP posts:

specialsubject · 03/10/2014 18:44

oh blimey....

if this is a serious question, please ask advice of an agent or landlordzone. There are three different schemes. Google will start you off.

Original poster

TotallyOuted · 03/10/2014 19:03

It is a serious question, as we are not employing an agent i doubt they will provide me with advice, i am rather unhappy just giving my money to a random company i find on google that i have never heard of :)

OP posts:

cartsmar · 03/10/2014 19:51

....really? Really? You didn't look into this before getting tenants? People like you give landlords a bad name OP!

Have you looked into anything at all?

Original poster

TotallyOuted · 03/10/2014 20:03

Have i said i already have a tenant?

OP posts:

specialsubject · 03/10/2014 20:05

you are breaking the law if you don't get the deposit protected within 30 days.

there are 3 deposit schemes. There is a process you have to follow. You are running a business. An agent WOULD advise.

to check you also have gas safe certificate, HMO certification if needed, landlord registration if needed (coming soon in Wales), all the right insurances, done an inventory, have told the mortgage company if relevant...

you are also available or have someone who can sort out any fixes needed in a reasonable timescale, 365 days a year.

Original poster

TotallyOuted · 03/10/2014 20:10

An agent would also rip the tenant off charging them £100 fees for £2 credit searches etc.

OP posts:

tassisssss · 03/10/2014 20:12

Wow TO seems to be getting a hard time, no?

We use one of these but not sure what it'd called. I can ask DH when he's home later.

RCheshire · 03/10/2014 20:19

Bear in mind it's not "your money". That's the point of the schemes - they protect the tenants money with that money returning to the tenant unless the landlord is granted any - burden of proof being on the landlord. Minor point but many landlords do see the deposit as " their money "

Lonecatwithkitten · 03/10/2014 21:37

A pretty simple search gets you this page which tells you everything you need to know.

ajandjjmum · 03/10/2014 21:40

We used an agent to find our tenant and set up the letting, including taking the deposit and placing it in a scheme.

£400 - money well spent IMO.

TribbleWithoutATardis · 03/10/2014 21:45

Deposit protection service is the one that's been used for my last three tenancies if that's helpful. From a renters perspective, I've had no issues with them.

specialsubject · 03/10/2014 21:45

the 'hard time' is because ill-informed landlords are bad landlords. Maybe not intentionally,but the other side of this comes up all too often.

And then we get comments such as saying 'many landlords see the deposit as their money. Bollocks. It is the tenant's money deposited as security. The landlord only gets it to repair damage.

also ill-informed landlords are vulnerable to rogue tenants, of which there are some.

sunnydaylucy · 03/10/2014 23:24

To answer your question we use MyDeposits. Easy to use, register as a user via website then register the tenant, you will need details of the tenants but you will already have this DOB, date of STA etc. You pay each time you register a new tenant, I think it was around £28. Print off cert, mutually sign and give copy to tenant.
You keep the deposit with this scheme, unlike others. Release the deposit back to tenant when they leave.
I have had no problems with this and have been using it for 5 years. It's not the mystery (or expense!) that some letting agents say it is. I do charge the MyDeposits fee back to the tenant but I don't add any admin fees.
All the best.

Sunnyshores · 04/10/2014 19:41

An agent would also rip the tenant off charging them £100 fees for £2 credit searches etc. So you're not going to charge them? Or youre not going to do the searches?

It is expensive and some Agents are pretty crap, but they do serve a purpose and a good one can save your ass especially when as it seems in your case, you dont know what youre doing. An amateur Landlord is a very dangerous thing.

There are only 3 deposit companies, all are government approved, so not 'random'

I'd recommend joining NLA all the informaiton you need is on there regarding tenancies, the law, paperwork to serve and a free legal helpline. Its £100pa.

wowfudge · 04/10/2014 20:45

I once worked for someone who was a crap landlord on the side (he had a full time job with the company I worked for). He cut corners all over the place. As a result he got crap tenants, who he treated craply anyway and was forever incurring costs advertising his crap houses. Total false economy.

Not saying that is what you are like and what you will do OP, but it is definitely worth paying a professional at least the first time to ensure everything is covered. You can them learn from what they do. This will also ensure you have all the boxes ticked for proper insurance which covers you if your tenants don't pay the rent, etc.

HaveToWearHeels · 04/10/2014 22:18

Unfortunately the type of tenant that wants to avoid agency fee's is the sort that is highly likely to not pay the rent or has something to hide. I agree with wowfudge get an agent to do do the initial checks and tenancy agreement, it is money well spent. DH and I have been doing this for years and always use a reputable agent, then manage ourselves.

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