The Tenant Deposit Scheme came into force on 6th April 2007. BakerReed Properties Ltd are registered with myDeposits and will be holding deposits for managed properties under this scheme.
Whether we manage your property or not, we are able to hold your tenants' deposits under this scheme. Obviously there will be a charge for this but it will be less than you would pay as an individual landlord!
We must stress that most deposits are returned without dispute over the deductions however we strongly recommend that to avoid potential problems with the Alternative Dispute Resolution service attached to the scheme, that an independent inventory is prepared. Their charges vary but the company we use charges 10% of one month's rent for the preparation of the inventory and checking-in the tenant(s) and 10% of one month's rent for checking out the tenant(s). Usually this cost is split equally between landlord and tenant(s)since it protects both.
For more information on the scheme: click here
To contact us for more information on holding your tenants' deposits: click here
To contact us for more information on using an Independent Inventory Clerk: click here
We are pleased to announce that we are an Introducer for Endsleigh Insurance for all your insurance needs as a Landlord!
For a FREE quotation: click here