My Deposits have announced a new custodial deposit protection scheme which is FREE for all Landlords – you can register your interest at: http://custodial.mydeposits.co.uk/

Protecting tenants deposits is a legal requirement and there are two types of scheme available, insurance based schemes which charge the Landlord a fee but the Landlord retains control of the deposit, and custodial schemes which are free to use but the scheme holds the deposit for the duration of the tenancy.

The new My Deposits scheme will run alongside the existing free to use Deposit Protection Service offering Landlords a choice of free to use custodial schemes following its introduction next month.

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