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Insured:

How to action this?

• Email info@mydeposits.co.uk confirming:
• DPC
• Vacating tenant
• Replacing tenant
• Confirm who the lead tenant is if the lead tenant has vacated

When can we action this?

We can action this before or during the fixed term of the tenancy, if a tenant swap happens after the fixed term has ended a new protection will be required.

When can’t we action this?

If all original tenants are vacating to be replaced, we are unable to action this and you would need to create a new deposit protection then unprotect the former protection as tenancy has ended. If a tenancy is a sole tenancy, we are unable to action this and you would need to create a new deposit protection then unprotect the former protection as tenancy has ended.

Custodial:

How to action this?

Email info.custodial@mydeposits.co.uk confirming:

• DPN
• Vacating tenant
• Replacing tenant
• Replacing tenant contact details including email address, mobile number & alternative correspondence address
• Confirm who the lead tenant is if the lead tenant has vacated

When can we action this?

We can action this at any time whilst the deposit status remains protected.

When can’t we action this?

If all original tenants are vacating to be replaced we are unable to action this and you would need to follow the release process and lodge the deposit under a new deposit protection. If a tenancy is a sole tenancy we are unable to action this and you would need to follow the release process and lodge the deposit under a new deposit protection.

*Please note all emails must come from your registered email address to prevent any unnecessary delays due to our security requirements.

Since April 2007, it has been a legal requirement to protect tenants’ deposits in a government approved tenancy deposit scheme. No matter how or where it is protected, the deposit belongs to the tenant. The Housing Act 2004 covers all deposits taken on Assured Short-hold Tenancies (ASTs) in England and Wales. It allows tenants to safely recover their deposit at the end of the tenancy, unless landlords or agents propose costs for any breach of the tenancy agreement, which they can prove with evidence. mydeposits is one of three government authorised schemes and all three deposit protection schemes offer a free dispute resolution service.  

mydeposits is approved by the Government to offer two ways of protecting tenancy deposits. These are the insured and custodial methods, which are all monitored by the DLUHC (Department for Levelling Up, Housing and Communities).

1. Insured: The agent holds the deposit and pays a fee to protect it; it must be held in a ring-fenced bank account.

In the event of a dispute at the end of the tenancy, the landlord or agent must pay us the disputed amount. This allows our free dispute resolution service to review the evidence and decide on how the amount should be distributed, based on the evidence provided.

1. Custodial: The landlord or agent transfers the deposit to us to hold for the length of the tenancy.

In the event of a dispute at the end of the tenancy, we will continue to hold the disputed amount. This allows our dispute resolution service to review the evidence and decide on how the amount should be distributed, based on the evidence provided.  We retain any interest earned on the deposit for that time.

Insured: All letting agents who meet certain criteria can become insured members. You can apply to join online and we will need to see proof of your ring-fenced client money account where deposits are held. Custodial: All businesses can join mydeposits custodial based deposit protection instantly online, by phone or by post.

In line with our scheme rules, all agent members must hold all deposits in a ring-fenced client account. We need to make sure that the total value in the account covers the value of all your current protected deposits. If you are unable to provide us with proof of a ring-fenced client money account or provide us with a statement, when requested, your membership will be suspended and then cancelled. We may request confirmation in writing from your bank that you hold and control a ring-fenced client account.

Insured: If you want to use our insured scheme there’s a one-off joining fee to set up your membership, then an annual renewal fee to keep your account open. Custodial: It is completely free to join our custodial scheme and to protect deposits.

Insured: We will review your membership application and email you confirmation, including the cost of the deposit protection fee, which normally takes four days Custodial: You can join and start protecting deposits instantly in your online member account here.  

If we have requested information which you have not supplied, we may cancel your membership or ask you to move all your protections into our custodial scheme.