How mydeposits works

1. How it Works

Read for yourself how simple mydeposits is. Just select a process and follow our step by step guide..

2. Join mydeposits

How to join mydeposits

Firstly, you can join mydeposits online, over the phone or by post.

• online: pay by credit/debit card
• by phone: 0844 980 0290 [8.30am to 6.30pm Monday-Friday] and pay by credit/debit card
• by post: print off the Landlord Application Form and post to mydeposits along with a cheque for the joining fee

Both landlords and company landlords can join mydeposits. The definition of a company landlord is:

• Owns the residential property and is named on the AST as the landlord
• Registered in the UK and be able to provide full registered company name and address
• Remain accountable for protected deposits in accordance with the scheme rules

3. Protecting a deposit

You must protect deposits taken from your tenant within 30 days of receiving it. The deposit fee covers one AST agreement only and if applicable that Statutory Periodic Tenancy. If you issue a new AST then another deposit protection fee is required and a new fee paid.

Step 1 Deposit paid to you

Your tenant hands you their deposit.

Step 2 You protect the deposit

You pay a one off deposit protection fee to formally protect the deposit, either online,
by phone 0844 980 0290 or by post using the deposit protection request form.
You keep hold of the deposit in your bank account for the duration of the fixed term tenancy agreement.

Step 3 Proof of deposit protection

Once the deposit is protected, we provide you with a deposit protection certificate as proof of protection.

The signed certificate along with the Information for Tenants leaflet provides you with the majority of all the legal documentation for the deposit protection.
You must provide all of this information to the tenant within 30 days of receiving the deposit.
We suggest you keep a copy of the signed certificate.

4. End of tenancy

Step 1 Discuss the deposit return

At the end of the tenancy you can speak with your tenant directly about how much of the deposit should be returned, along with any deductions you that you feel are necessary.

Step 2 Returning the deposit

Your tenant should formally request the return of the deposit at the end of the tenancy agreement.
You should give the tenant the agreed deposit amount within 10 days.

Step 3 Unprotect the deposit with mydeposits

After the deposit has been returned to the tenant you need to unprotect the deposit, either online, by phone or by post. We recommend you complete the unprotection form in the members area for your records.

Step 4 Tenant informed

We will advise the tenant that the deposit has formally been unprotected by you.

If you cannot agree over the amount to be returned, your tenant can raise a dispute. You and your tenant can use our free and impartial mydeposits dispute resolution service to resolve the deposit dispute.

5. Dispute Resolution

If you and your tenant cannot agree over the amount of deposit to be returned you can involve mydeposits. Our free and impartial, award nominated dispute resolution service is available to settle the deposit dispute. It is evidence based and is a quicker, cheaper alternative to Court.

Step 1 Tenant notifies mydeposits

The tenant can notify us of a dispute online or by post within three months from the date they vacate the property.

Step 2 Tenant provides evidence

The tenant has 10 working days to submit evidence supporting their claim.

Step 3 Dispute logged

The dispute is logged by mydeposits and given a unique reference number.

Step 4 We notify you of the dispute

mydeposits will send you a letter notifying you of the tenant’s dispute within 10 working days.

Step 5 Disputed deposit amount sent to mydeposits

Within 10 working days of receiving our letter in Step 4 you must send us the disputed deposit amount.
It is a legal requirement for mydeposits to hold the disputed deposit amount in our segregated client money account until the dispute has been resolved .
You must also return any undisputed deposit money to your tenant.

Step 6 Submit your evidence

You have 20 working days to submit all your evidence that supports your claim to withholding the deposit.
Upload your evidence online or by post.

Step 7 All evidence is submitted to adjudicator

Both yours and the tenant’s evidence is submitted to the adjudicator.

Step 8 Decision made

Following the decision we will distribute the disputed amount within 10 days.
The entire dispute resolution service should not exceed 60 days.