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mydeposits
1st Floor, Premiere House,
Elstree Way, Borehamwood,
Hertfordshire,
WD6 1JH

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Frequently asked questions

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.  
Within 30 days of receiving the deposit, your landlord or agent must protect it and provide you with proof that it has been done.  This and other key information is called the prescribed information. Insured: You will receive a Deposit Protection Certificate with a unique DPC number and our information for tenants leaflet. Custodial: You will receive a Deposit Protection Template with a unique DPN number and our information for tenants leaflet.
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 MHCLG (Ministry of Housing, Communities and Local Government).
  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: If you disagree with any proposed costs from the deposit at the end of the fixed term you can raise a deposit dispute if you are not happy with the amount that has been returned/if any has at all. Custodial: At the end of the tenancy either you or the member can initiate the release. If you disagree with the proposed release terms, you can raise a dispute.
In line with the Tenant Fees Act 2019, the maximum holding deposit you can be asked to pay is capped at one week’s rent. A holding deposit is paid to reserve the property while initial checks are carried out and does not need to be protected, unless it is later used as all or part of the tenancy deposit, when it will need to be protected.
Your landlord or agent should provide you with proof of protection within 30 days from the date they took the deposit. Checking if your deposit is protected with us is easy. Just use our deposit checker. If your deposit is not protected with us, you can contact the other two deposit protection schemes, TDS and DPS, to see if your deposit has been protected with them. If there is no record of your deposit protection with any of the schemes, we would recommend you contact Justice for Tenants, Citizens Advice Bureau or seek independent legal advice.
The following rule now applies to deposits:
  • Where annual rent is £50,000 or below, a maximum of five weeks’ rent can be taken
  • Where annual rent is £50,001 or above, a maximum of six weeks’ rent can be taken
For example, where there are three tenants who are jointly liable for a total weekly rent of £240, the landlord or agent cannot ask each tenant to pay a tenancy deposit of up to five times the total weekly rent (5 x 240 = £1200). The maximum this group of tenants could be asked to pay as a tenancy deposit between them would be £1200. They may then choose to split this equally so that each person would pay £400.
A third party who paid all or part of the deposit is referred to as an ‘interested party’ and will need to be listed on the deposit protection and provided with the prescribed information.
By law we need to notify you if your protection status changes at any point during the tenancy and at the end of the tenancy. Insured: We ask the member, at the point of registering and protecting your deposit, to provide an alternative address for you. While this information is not always available and the rental address may be entered, you as the tenant can update this information at any point by emailing or calling us. Custodial: We ask the member, at the point of registering and protecting your deposit, to provide us with an email address, contact number and an alternative address. The is so we can provide you with information on your online portal access as well as notifications relating to any changes to your protection, such as a deposit release request. An alternative address can be, but not limited to:
  • friends
  • family
  • workplace
  • somewhere we can write to you at during or after the tenancy has ended
No, the law is clear and states the deposit must be handed to the landlord or agent who has to protect it within 30 days of receiving the money.