What is Insurance?

Our insurance scheme means you paid to join mydeposits
and also pay a protection fee that lets you hold the deposit
in your bank account.

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What is Custodial?

Our custodial scheme means that you joined mydeposits
for free and transfer the deposit money to us to hold.

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January 21

2014
by mydeposits
Issuing the Prescribed Information

As you may know – as well as protecting the deposit the legislation also requires landlords to provide tenants with specific information about the deposit protection, called the Prescribed Information.

If you’re a London-based landlord and read the Evening Standard’s Accidental Landlord column then you will have seen the last instalment (Weds 15th January) about deposit protection, which featured advice on this very subject.

We’ve received calls from some my|deposits landlord members who read the article and were confused as to what exactly constitutes the Prescribed Information and, importantly, what landlords are required to do to comply with the law.

A few key points

We felt that some clarification was needed in light of this but before we continue, there are a few key points to bear in mind with regards to the Prescribed Information and complying with the law:

1-The Prescribed Information is comprised of a number of different ‘requirements’ as set out in legislation

2-Landlords should be aware that they need to satisfy all of the requirements when protecting a deposit.

3-However, exactly how you do this can differ depending on which deposit scheme you use.

What mydeposits members need to do

The good news is mydeposists members meet almost all of the requirements of the Prescribed Information through issuing, to the tenant, the Deposit Protection Certificate (DPC) (produced when a deposit has been successfully protected with us) and the mydeposits Information for Tenants leaflet.

However, it’s important you’re aware that there are a few other requirements that my|deposits are unable to assist you with:

->Outlining any reasons as to why the deposit may be withheld at the end of the tenancy, with reference to the terms of your tenancy agreement(requirement g.vi). This may change from tenancy to tenancy and should be set out in your tenancy agreement.

->Signing the DPC to confirm the details are correct and ensuring you give your tenant the opportunity to sign it (requirement g.vii).

What’s the key message?

As mentioned, there are a number of Prescribed Information requirements you must meet so it’s advisable that you read all of them here. If you’re in doubt, then contact your deposit scheme who will be able to help.

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