What is Insurance?

Our insurance scheme means you paid to join mydeposits
and also pay a protection fee that lets you hold the deposit
in your bank account.

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What is Custodial?

Our custodial scheme means that you joined mydeposits
for free and transfer the deposit money to us to hold.

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May 28

by mydeposits
A new rental standard for the Capital

The London Rental Standard (LRS), which aims to set new standards in London’s private rented sector was launched this week by the Major of London who aims to help Londoners rent with confidence.

mydeposits are delighted to be in partnership as one of two official sponsors offering financial incentives for landlords and agents to sign up to the campaign.

What is it?

The LRS is a city-wide badge of accreditation and the capital’s first ever rental standard which will assist London’s 300,000 or so landlord and agents to understand their responsibilities to their tenants and equip them with the knowledge they need to offer good standards of accommodation and a successful lettings business.

Importantly, it outlines a minimum level of service that renters should expect from their landlord or letting agent and includes things such as transparency of fees and commitment to improved response times for repairs and maintenance issues.

A full list of the defined standards is available here but it makes clear that deposits must be protected, with the informaiton provided to the tenant. The standard also states that deposit should be returned promptly and in full at the end of the tenancy, minus any verified costs.

How landlords and agents can sign up

Landlords and agents can gain LRS recognition by simply choosing an existing provider and signing up for a one-day course to learn about renting out property. To gain the standard you’ll have to sign up to a code of practice and declare you’re a ‘fit and proper person’.

How much does it cost?

Courses typically cost between £80-£125, although NLA and UKALA offer an online course for their members, completely free of charge.

Discounts for mydeposits members.

mydeposits is offering a 44% discount on membership to LRS accredited landlords and half priced membership for agents who become accredited. To find out more visit https://www.london.gov.uk/what-we-do/housing-and-land/renting/london-rental-standard


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