I, and probably many landlords and other property professionals, have received notifications from both The Deposit Protection Service and MyDeposits warning that the web-site mytenancydeposit.co.uk is not that of a government authorised tenancy deposit scheme.
Landlords and agents should beware. If you protect your deposit with this company, this will not constitute compliance with the tenancy deposit regulations. You will remain vulnerable to a court claim from your tenants for the 'fine' of three times the tenancy deposit amount.
There are only three companies you can protect your deposit with:
- The Deposit Protection Service - www.depositprotection.com
- My Deposits - www.mydeposits,co.uk, and
- Tenancy Deposit Scheme (from the Dispute Service) - www.thedisputeservice.co.uk