Insured or Custodial TDS?

[scoot2001]

I know there has been a lot of talk on the forums about 'alternatives' to the new TDS but for those of you going to use a scheme, are you going with the Insured or Custodial schemes? Just looking for a general consensus really.

Also I have never been a member as I have generally been able to get what I need through research/digging, etc, but is it worth joining the National Landlords Association (I own 9 properties currently), any real benefits?

Many thanks.

[plym77]

and to add to that....

Does anyone know how much the Insurance based schemes are clocking in at please?

Regards

Sherena

[scoot2001]

and to add to that....

Does anyone know how much the Insurance based schemes are clocking in at please?

Regards

Sherena

I think it's £59 to join the scheme or £47 if you are a NLA member, I'm not sure what the yearly renewals are.

For every deposit insured it is £30 (£26 for NLA members).

[Trenners]

Hi Scoot,

If you have a Bristol & West Buy to Let mortgage then you get free membership of the National Landlords Association (NLA). If you are a member of the NLA then you get a discount if you used their Tenancy Deposit Solutions service to insure your deposits (but the discount is only applied to the joining fee and the first 4 properties).

I am using Tenancy Deposit Solutions to insure all of my deposits - but I am a letting agent and I belong to the UK Association of Letting Agents and it costs £23.50 (inc VAT) per property and I am passing this charge on, in full, to the landlord (because the new legislation was introduced to regulate landlords not tenants).

I chose the TDS insurance scheme (because the ARLA scheme is a rip off charging £1,600+VAT per annum to non ARLA members) and the custodial scheme is not flexible enough - see below.

My concern about the custodial scheme is that, at the end of the tenancy, the tenant might have to wait 10 days to get their deposit back (from the custodian) even though they have looked after the property and no deductions are required.

This is unfair on the tenant that has paid their rent and looked after the property throughout - it might also mean that they cannot move to their next property because they do not have a deposit because the custodian is being slow in returning it.

So - with TDS - I can refund the deposit when the tenant gives us the keys back which leads to really good landlord / tenant / letting agent relations.

Costs of TDS are on their web site:- http://www.mydeposits.co.uk.

Good Luck,

Mark