Mydeposits launches Internet-only service

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by Gill Montia

Tenancy deposit protection firm, mydeposits.co.uk, has launched mydeposits lite, an Internet-only service.

Since April 2007, all landlords in England and Wales have been required to protect their tenants’ deposits using a government-approved scheme.

According to mydeposits.co.uk, 71% of landlords prefer to use an Internet-only provider to manage this side of their business and the new facility can provide a no-fuss service plus competitive fees, made possible by savings on administrative costs.

Using mydeposit lite, a landlord can protect a deposit of £300 or less for a fee of £20.

The scheme also allows the landlord retain the deposit, rather than hand it over to a third party.

The firm’s chairman, David Salusbury, is reminding landlords in England and Wales that tenancy deposit protection now forms part of their legal responsibilities.

Those who do not keep within the law could find their ability to seek possession of a property limited and may be forced to pay compensation to tenants to a maximum of three-times the deposit amount.