Deposit Protection

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L
Lulu
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We use a custodial deposit protection scheme but another local landlord that I am in touch with uses an insurance based scheme. He has just come up with what he thinks is a 'good wheeze'. If he doesn't protect the deposits he will save the fee to the insurance scheme but at the first whiff of trouble/tenant making enquiries/court proceedings, protect it then. He thinks that if it is protected before any court case he is in the clear and as many tenants won't ever ask the question he is still saving many times the insurance fee.
Has he found a loop-hole or is he missing something?
I can't believe that the legislation is this easy to get round.
07/05/2010 00:00

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