Buy to Let Deposits
Discussion
Adam T said:
I dont bother with them, can be a right royal pain. I appreciate it is not right, but have to deal with some right st heads.
I appreciate you know what you are doing, but wouldn't it gaul you more if the sthead tenants managed to get 3 x deposit out of you for not paying it into a scheme? That seems worse to me!I also use the DPS, easy to use + its free. I also thinks it gives prospective tenants more confidence in you as a landlord.
Its all done through the DPS web site.
http://www.depositprotection.com
Its all done through the DPS web site.
http://www.depositprotection.com
I only say that as the trouble you would have getting the money back beggers beleif.
I think only half of landlords bother with the schemes, I offer them, but add my personal time for doing the paperwork, telephone calls, and the actual cost of the scheme onto the deposit - and when you are delaing with people with bedsits who cannot scrounge together £100 you are going to struggle to get anymore - 99.999% of them would not take it further if they had a dispute.
Imagine how long it would take to get the deposit back, and whose side the scheme managers would take if the following scenario took place - Room rented £75 week inc bills, £100 deposit - imagine the costs in placing the advert, driving to meet them, showing them round, often picking them up as they have no form of transport - and then they leave deposit and scarper fatre a week - the £100 in the pocket does not start to cover the costs! - Even if they have stayed a week you would be surprised how much mess people can make.
I appreciate the schemes would work on houses etc where the tennats are more the respectable and are infor a 6 month stint etc.
Rant over.
I think only half of landlords bother with the schemes, I offer them, but add my personal time for doing the paperwork, telephone calls, and the actual cost of the scheme onto the deposit - and when you are delaing with people with bedsits who cannot scrounge together £100 you are going to struggle to get anymore - 99.999% of them would not take it further if they had a dispute.
Imagine how long it would take to get the deposit back, and whose side the scheme managers would take if the following scenario took place - Room rented £75 week inc bills, £100 deposit - imagine the costs in placing the advert, driving to meet them, showing them round, often picking them up as they have no form of transport - and then they leave deposit and scarper fatre a week - the £100 in the pocket does not start to cover the costs! - Even if they have stayed a week you would be surprised how much mess people can make.
I appreciate the schemes would work on houses etc where the tennats are more the respectable and are infor a 6 month stint etc.
Rant over.
Edited by Adam T on Tuesday 22 July 07:53
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