Tenancy deposit protection gets cheaper with mydeposits lite

mydeposits.co.uk, a Government-approved tenancy deposit protection scheme, has launched an internet-only service, mydeposits lite.

This new service means that landlords can protect deposits with the minimum of fuss, while also benefitting from reduced fees as a result of lower administrative costs.

Landlords pay just £17.50 plus VAT to protect a deposit of £300 or less with mydeposits lite, which was specifically designed with landlords in mind and enables them to keep hold of their tenants' deposits instead of handing them over to a third party.

Since April 2007, all landlords in England and Wales have been required to protect their tenants' deposits with a government-approved scheme and our research shows that 71 per cent of landlords prefer internet-only communication with their provider.

Welcoming the launch of mydeposits lite, David Salusbury, Chairman, mydeposits.co.uk, said: "Tenancy deposit protection is now part and parcel of a landlord's legal responsibilities and mydeposits lite is designed to make things as easy as possible for landlords who do not want to hand their tenants' deposits to a third party.

"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.

"All landlords in England and Wales should be reminded that if they fail to comply with tenancy deposit protection legislation they face considerable risks. 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."