The recent deadline for letting agents to re-subscribe to the Tenancy Deposit Scheme (TDS) brought news that Countrywide Residential Lettings has decided not to rejoin.

Instead the ARLA member which has 200 offices throughout the UK, has decided to give its deposits business to mydeposits where there will be held under Assured Shorthold Tenancy (AST) agreements.

Countrywide Residential Lettings has more than 50,000 landlords and tenants on its books. John Hards, co-MD of Countrywide Residential Lettings, announced the agreement by saying: “We have been impressed with mydeposits and their fantastic reputation for providing excellent customer service to resolve deposit disputes quickly and fairly.

“This decision is great news for both our landlords and tenants who have the reassurance of knowing that their deposits will continue to be protected by a government approved scheme.”

Countrywide Residential Lettings will continue to hold all deposits and the new service level agreement will enable Countrywide to move all existing landlords to mydeposits.

Eddie Hooker, chief executive of mydeposits, said: “Countrywide's commitment to its landlords and tenants has no doubt been integral to its success. At mydeposits, we pride ourselves on offering members an easy to use, business focused, and streamlined process. We look forward to working with Countrywide going forward.”

Hards added: “All landlords have been written to and advised of the changes but there is no action to take on their part as it’s all been taken care of.

“Meeting and exceeding the needs of our landlords and tenants lie at the heart of everything we do and we will continue to act in their best interests to ensure 2010 builds on the record breaking success we enjoyed in 2009.”