From 1 April 2013, the insurance-based deposit protection scheme administered by the National Landlords Association (NLA) – Mydeposits – will slash the membership and administration fees it charges to landlords and agents.
Mydeposits currently charges landlords a one-off joining fee of £60, and a fee of £30 for each individual deposit taken (£17.50 for deposits under £300 which are protected online).
As of 1 April, the joining fee will be £36, if the application is completed online (though it will remain £60 for landlords applying by post or on the telephone). The deposit protection fee will be £18 for deposits up to £500, and £24 for deposits of over £500.
This represents a saving of 20% for landlords.
Discounted fees have been extended to all agents with client money protection (CMP) insurance in place. The joining fee (and an annual renewal fee payable only by agents) is £50 for agencies who hold CMPI, and the deposit protection fee is £10 per deposit protected.
Whilst Mydeposits does not limit its membership to members with CMPI, for agents without it, the fees are higher; £100 to join or renew a membership, and £35 to protect a deposit.
Visit www.mydeposits.co.uk for more information on pricing for landlords and agents, and for details on the scheme.
Mydeposits launches 50% fee discount promotion in October 2015
As an update to the above landlords choosing Mydeposits can claim a 50% discount on fees when joining the scheme.
In October 2014 The Herald in Scotland highlighted the large number of deposits which were estimated to be outside a potection scheme as still over 17% of total PRS deposits in Scotland.