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Why not use a SAFE agent? While they cannot be Guaranteed 100% safe, they do offer more protection than most since they will have Client Money Protection in place. In addition, if like us they are NALS members, then they will have PII as well as having jumped through a large number of hoops to comply with NALS rules.
Deposit is the tenant's money -if there is no need for deduction(s) at the end of the tenancy.
The 3 deposit schemes have their merits and demerits. However, an inadequate regulation is better than a free-for-all situation where deposits are applied at the whims of a LL or LA.
We secure all deposits with DPS, except for those LLs who wish to hold the deposits themselves -whether it be managed or let only properties. You may wonder why we allow them to. You do not have to look far for the answer. Just take a look at the economy and the competition. We try to be flexible in areas where we can afford to, and our business has been growing from day one, a couple of years back.
To cover ourselves, in the few cases where the LLs deal with the deposits themselves, we insist they sign a note which educates them on their responsibilities regarding the deposit under the law.
As DPS is free, we do not charge our LLs for securing the deposits.
Bit curious as to your advice that you may allow a LL to hold monies.
If you were my LA I would be telling you what I would allow.
You don't seem to appreciate that you do what the LL tells you; not the other way round.
If you don't like that then you should terminate the business arrangement.
I can assure you that you would not be allowing me to do anything, you would do as I say.
If you didn't like it I would terminate my business with you.
Under NO circumstances would I allow you to collect ANY monies whatsoever.
I would deal with that.
There would be no responsibilty on you for receipt of those monies.
If I failed to comply with deposit regs etc that is between myself and the tenant and nothing to do with you.
I think your business model doesn't appear to recognise that LL wish to recive monies directly without a LA interfering in the transactions.
All you are required to do is refer a prospective tenant.
I will do the checking on them and if successful I will receive the rent monies.
If I choose you to manage the tenancy that wouldn't include monies.
It is easy to check online wheterh a tenant has paid rent.
I don't need the monies going to a LA before they are sent to me.
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