UK Property Law
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Yes, a document downloaded from the Internet will be a legally binding agreement provided it is executed correctly; signed appropriately by both parties and dated. You will also have to take responsibility for entering the correct details (address, term etc). If you do then it will be legally binding and you will be able to enforce it against your tenant without any problems.
LawPack I know are decent:-
Simply Docs, I've heard are fairly good:-
There is not a great deal of difference b/w custodial or insurance-based, though I would probably lean towards custodial because you have to pay a premium in an insurance-based as well as possibly actually transfer a disputed part of the deposit in to the scheme itself anyway and you can perhaps market better with a custodial: "I won't actually hold your money, a recognised scheme will" probably inspires a bit more confidence than insurance based.
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