Read for yourself how simple mydeposits is. Just select a process and follow our step by step guide..
Firstly, you can join mydeposits online, over the phone or by post.
Both landlords and company landlords can join mydeposits. The definition of a company landlord is:
You must protect deposits taken from your tenant within 30 days of receiving it. The deposit fee covers the length of the fixed term tenancy agreement plus any rolling Statutory Periodic tenancy period, provided you inform us of the extension. There is no additional fee to extend the protection for a Statutory Periodic tenancy. If you issue a new AST then another deposit protection fee is required and a new fee paid.
Your tenant hands you their 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.
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.
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.
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.
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.
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.
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.
The tenant can notify us of a dispute online or by post within three months from the date they vacate the property.
The tenant has 10 working days to submit evidence supporting their claim.
The dispute is logged by mydeposits and given a unique reference number.
mydeposits will send you a letter notifying you of the tenant’s dispute within 10 working days.
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.
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.
Both yours and the tenant’s evidence is submitted to the adjudicator.
Following the decision we will distribute the disputed amount within 10 days.
The entire dispute resolution service should not exceed 60 days.