Mydeposits scheme rule change for landlords

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M
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Our agent Martin &Co lets all our flats and deals with the contracts and deposits etc. Up to date the deposit has been protected through Mydeposits and the rent and deposit passed on to us the landlord. This was the whole point of the scheme so the landlord had physical possession of the deposit.
From April 5th Mydeposits have banned agents from handing over the deposits and threatening expulsion from the scheme and legal action if transgressed. This seems nonsense and heavy handed. I am not in a position to deal with lettings and admin and as a precaution I am also registered with Mydeposits but this makes no difference. On what basis can they do this as it will directly affect possibly thousands of landlords.Once the deposit is insured then it should make no difference who responsibly holds the deposit.
29/04/2008 00:00

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