Mydeposits moves tenancy deposit schemes to Total Property

Landlords will be able to manage insured and custodial tenancy deposits through one platform under a major overhaul of mydeposits administration.

The firm is moving its insured-backed scheme onto Total Property; the system which is already being used for its custodial service.

The move follows what it described as its largest investment in insured deposit protection since launching in 2007.

The company said the change would make it the only tenancy deposit protection provider offering insured-backed and custodial protection through a single customer platform.

Long-term vision

The chief executive of mydeposits, Eddie Hooker, said: “Bringing our insured-backed and custodial deposit protection schemes together on Total Property has been the long-term vision for the platform, so I’m delighted to see that vision become a reality.

“This is our biggest investment in insured deposit protection, and we have rethought not just the way members pay for insured deposit protection, but the entire user experience, creating a platform that is simpler, more flexible and designed around how landlords, agents and tenants interact with deposit protection today.”

He added: “It provides a platform that can continue to evolve alongside the changing needs of the private rented sector for years to come.”

Deposit scheme membership

A new membership model will give members one annual renewal date and allow them to buy the number of deposit allocations needed for their active protections.

The allocations can be reused when a protection ends, meaning landlords and agents will not need to purchase an allocation for every deposit protected during the year.

They will instead need enough allocations to cover the deposits protected at any one time.

The maximum price will be reduced to £22 for each deposit allocation per year, including VAT.

Mydeposits said the average cost per protected deposit would be lower for many landlords, with further savings available as the number of active protections increases.

NRLA members will continue to receive a one-third discount on deposit protection.

The reduction will be applied automatically at renewal rather than requiring members to enter a promotional code.

New negotiation process offered

Total Property will also introduce an end-of-tenancy negotiation process.

Members will be able to upload evidence and propose how a deposit should be divided, while tenants can accept the proposal or make a counter offer through the platform.

Cases where an agreement cannot be reached will move to the company’s free dispute resolution service, which mydeposits describes as award-winning.

Existing insured-backed members will be automatically transferred to Total Property.

Current deposit protections will remain valid, and members will not need to register them again or take action to maintain protection.

Landlords and agents who do not want to use insured-backed protection will still be able to use the custodial service without charge through Total Property.