In response to this Mydeposits.co.uk have launched an internet only scheme called Mydeposits lite. Landlords pay just £20 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.
David Salusbury, Chairman, mydeposits.co.uk, commented: “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.”
