Melboy Posted May 16, 2007 Report Share Posted May 16, 2007 Well, Woopy-Doo! Didn't take long to find a free.... I'll repeat that a FREE Landlord's Deposit Scheme! Have a read Peeps.......Looks good to me and I am already a registered user for Computershare in my share dealings anyway. Here it is............ www.depositprotection.com Mel. Link to comment Share on other sites More sharing options...
Trenners Posted May 16, 2007 Report Share Posted May 16, 2007 Hi Melboy, The scheme that you are referring to here is the Government approved custodial scheme. Although, on the face of it, the scheme looks "free" the custodian will keep interest earned on the Security Deposit money to cover their costs of administering the scheme. Any remaining interest - left over after administration costs - (do we really think any will be left over) - will be paid back to the tenant if no deductions are due at the end of the tenancy. If deductions are due and agreed then the interest will be shared - in proportion - between tenant and landlord. So, given that the average deposit is £700, and the average interest earned (at 5%) on this money by the landlord is £35 per annum ... this means that the "free" scheme actually costs the landlord £35/year. Additionally, which is why I don't like the custodial scheme, the administrator only promises to repay the deposit back to the tenant within "10 days" of being notified. This is going to be a real problem for many tenants - who need their deposits back from their landlord so that they can initiate another tenancy and cannot afford to be homeless for 10 days waiting for the scheme administrator to pay out. All this means is that the landlord loses control of his tenants deposit money. Hope this helps .... Mark Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted May 17, 2007 Report Share Posted May 17, 2007 Hi guys (a light hearted thread !! or maybe not !) Got it ! Use some of the deposit to take a well earned holiday (you know, last minute cheap deal) - then while you are away buy a load of cheap fags -you can tell customs that as a stressed LL ou actually smoke 150 a day so , yes, they are all for personal use ! Then come home and sell them at a huge profit to replace what you spent and then some! Now you have another 7 days to "spin" the money a few more times to see just how much you can make before the 14 day deadline when you must comply with the TDS. anyone got any really silly ideas - Perhaps we should have an open competition on here ?! could be the answer Simon Link to comment Share on other sites More sharing options...
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