CH1 Posted July 26, 2007 Report Share Posted July 26, 2007 Hello, Just a quick enquiry I'm completing on a property sometime today and do not have tenant deposit account open as yet is this the only option to store the tenants deposit http://www.mydeposits.co.uk/landlords/cost.aspx so I will be charged Standard Fees£58.75 and£30.00 or are there cheaper or faster options? This is the first property I am completing on after the new rule so thats why I haven't got such an account opened as yet. I assume all these can be opened online? As I'm away for 4 weeks from tomorrow so trying to sort something out quickly. Just bad timing looks like I may have void from Day 1 as I'm completing when I'm going to be away..........so leaving it in hands of a LA so we'll see... Thanks CH Link to comment Share on other sites More sharing options...
resident Posted July 26, 2007 Report Share Posted July 26, 2007 Hi CH, There is actually a free alternative for landlords and agents that provides better cover than a deposit without taking one and having to join one of the Tenancy Deposit Protection schemes. Please visit www.iguarantee.co.uk to find out more information on the Tenant Guarantee Scheme. In short the tenant pays to join the scheme (£50) and on acceptance his or her landlord is then covered for 3 months rent guarantee, equal to 1 months rent in damage insurance, as well as legal cover. Kind regards, Resident Link to comment Share on other sites More sharing options...
Selkirk Posted July 26, 2007 Report Share Posted July 26, 2007 Hi Res, Not sure about this one, tenant signs up for £50, an additional £20 for joint app and then a £5 month subscription, but if a tenant is signed up to it they would look a good bet for a landlord. Unless of course they dropped out of the subscription. cheers Link to comment Share on other sites More sharing options...
resident Posted July 26, 2007 Report Share Posted July 26, 2007 Hi Res, Not sure about this one, tenant signs up for £50, an additional £20 for joint app and then a £5 month subscription, but if a tenant is signed up to it they would look a good bet for a landlord. Unless of course they dropped out of the subscription. cheers Hi Selkirk, The scheme is completely safe for landlords. The costs above are correct unless the joint application is a married couple in which case only one tenant needs to be a member of the scheme. With regards to a tenant defaulting on their monthly subscription, in this instance their landlord will still be fully covered until the end of the tenancy agreement regardless of this. One of the main objectives of the scheme is to build a database of 'good tenants' in the UK. By defaulting tenants will be ommited from the scheme and unable to re-join and benefit from the scheme in the future. For more information please read the frequently asked questions section on the schemes official website www.iguarantee.co.uk. On a slightly separate note if any lettings agents are reading this post and are intereted in benefiting financially by referring tenants to the scheme, also avoiding the cost and added work involved in Tenancy Deposit Protection Schemes please email us for details (iguarantee@writenow.co.uk). All the best, Resident Link to comment Share on other sites More sharing options...
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