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    FAQs

    Q. What is tenancy deposit protection?

    Since the 6th April 2007 all agents who take a deposit from tenants on behalf of a landlord in England and Wales on an Assured Shorthold Tenancy (AST) agreement must comply with the tenancy deposit protection legislation.
    ***Where the term Assured Shorthold Tenancy (AST) is used in our documentation, prescribed information and on our websites this is interchangeable with the term Occupation Contract in Wales.

    The law was introduced to protect the tenants interests in their deposit and to ensure that they are able to retrieve this money, less any amount the landlord is entitled to deudct, at the end of the their tenancy.

    Under the legislation, the deposit must be protected with a government approved tenancy deposit protection scheme and the Prescribed Information issued to the tenant within 30 calendar days of you recieving the deposit money.

    Q. What are the different types of tenancy deposit protection schemes?

    There are two types of Tenancy Deposit Scheme; Custodial and Insurance.

    Insurance
    The landlord/agent will hold the deposit monies for the duration of the tenancy and will pay a protection fee to the scheme.

    Should a tenant raise a dispute with the scheme, the disputed deposit money must be lodged with the scheme.

    Custodial
    The landlord/agent will lodge the deposit monies with the scheme for the duration of the tenancy, where the tenant vacates the rental property, both parties must apply for the release of the deposit to the scheme.

    Both the insurance and custodial schemes offer a free Alternative Dispute Resolution service if an agreement cannot be reached regarding the return of the deposit.

    Q. Who is my|deposits?

     

    • In April 2007 the Government appointed mydeposits to operate an Insurance-based Tenancy Deposit Protection Scheme.
    • mydeposits is jointly owned by Hamilton Fraser Insurance (HFIS Ltd) and the National Landlords Association (NLA).

     

    Q. How do my|deposits protect deposits?

    mydeposits will help you comply with the law in three simple steps.

    • Protect each deposit you take from your tenant in your online member account within 30 days of receiving it.
    • Pass your tenant the Prescribed Information within the same 30 day deadline.
    • Once protected, we hold the deposit for the duration of the tenancy. The protection covers the full length of the Tenancy Agreement.

    At the end of the tenancy both parties apply for the deposit release.