How mydeposits works

1. How it Works

See for yourself just how simple mydeposits is to use. Select a process and follow our step by step guide.

2. Join mydeposits

Joining mydeposits

Step 1 Register your Agency

To join mydeposits please complete the agent application form and return to us in the post with a cheque for your membership fee.

Letting agents cannot join mydeposits online or by phone.

More information on joining mydeposits

Your joining fee and deposit protection fees are based on your membership type.

We accept all agents, however letting agents who have client money protection or belong to a recognised body can benefit from reduced joining fees. Our membership categories include:

• SAFEagent recognised agents
• Members of:
  NALS - National Approved Letting Scheme
  RICS - Royal Institution of Chartered Surveyors
  NAEA - National Association of Estate Agent
  ARLA - Association of Residential Letting Agents
  The Law Society
  
• UKALA members - UK Association of Letting Agents
• All other members

As a membership organisation, it’s important all our members comply with our Scheme Rules. Before your membership is accepted we need to see a valid membership trade body membership certificate and evidence of a separate segregated client money account that you hold your tenant’s deposits in. Once we receive your application form, our team will contact you and arrange this information.

3. Protecting Deposits

A new deposit protection fee is required when a new fixed term AST agreement is issued to the same tenants with the same deposit.

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 or by phone 0844 980 0290.
You keep hold of the deposit in your client segregated bank account for the duration of the tenancy.

Step 3 Proof of deposit protection

Once the deposit is protected, a deposit protection certificate is created 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.
It is your responsibility to print off and provide your tenant with all this information 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

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 found 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. Please ensure the tenant's alternative contact address is up to date.

If you cannot agree over the amount to be returned, you can use the 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 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.
We hold the money in a secure account until the dispute is 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.
Recent statistics show the average time dispute is resolved in 46 days.