My Deposits

Registered with Property118.com
Thursday 6th June 2013


Latest Comments

Total Number of Property118 Comments: 8

My Deposits

13:37 PM, 4th December 2014, About 7 years ago

MyDeposits has there been a change in policy?

Paul,

In order for us to get in contact with you, we'd need more details like your membership number or email address. If you're happy to pass those out on here then please do so. If not you can ring us on 0333 321 9401.

Regards... Read More

My Deposits

11:53 AM, 4th December 2014, About 7 years ago

MyDeposits has there been a change in policy?

No problem at all Paul.

We've passed your name onto our call centre and someone should be in touch with you shortly regarding your new DPC number.

Kind regards.... Read More

My Deposits

10:39 AM, 4th December 2014, About 7 years ago

MyDeposits has there been a change in policy?

Hi Paul,

Please see the answers to your questions below:

Q: During the period of a 12 month contract a sharer will move out and a new sharer will move in without a break. I inform my|deposits of the change of sharer name each time this happens over the phone and they record this.

A: This is correct we can amend tenants names (swap) as long as we are either provided with a deed of assignment or our own tenancy transfer form. We are only able to amend tenants as long as the swap has occurred within the AST fixed period (start and end date)

Q: My|deposits have previously informed me that as long as at least one of the original four tenants remains in the property for the 12 month term of the contract, I do not have to pay a further deposit fee when a single sharer changes.

A: That is correct, unless the change in tenant occurs outside of the fixed term period.

Q: Four weeks ago I paid for another 12 month registration. A sharer has just moved out and a new one has moved in. My|deposits initially demanded that I pay for another deposit registration! When I pointed out that this is not the way this has worked over the last few years they demanded that I send them a copy of the new contract. I am concerned that my|deposits may have changed their way of doing business. Has anyone else encountered this?

A: The only feasible explanation without listening to the actual calls (we can of course look into this further) is that you gave an old DPC number and the call handler advised you the change was outside of the fixed term. We also need to point out that even if you have protected the deposit four weeks ago and issued a new AST to deal with the change of tenant, you would be required to protect the deposit again. Deposits need to be protected based on what the AST agreement states.... Read More

My Deposits

17:06 PM, 30th September 2013, About 8 years ago

Has Capita thrown in the towel on Tenancy Deposit Protection?

Eddie Hooker, CEO of my|deposits and my|deposits Northern Ireland, said:

"This news is evidence that it's not an easy task to establish a successful tenancy deposit protection scheme.

"Part of what makes my|deposits unique is the experience and knowledge we derive from partnership with the both the National Landlords Association (NLA) and the UK Association of Letting Agents (UKALA). Landlords and agents should always look toward established insurance-based deposit protection schemes that truly understand their needs and habits.

"As such my|deposits are here to support all landlords and letting agents and are on hand to speak to anyone who has concerns regarding their deposits in the wake of this news."... Read More

My Deposits

16:48 PM, 12th July 2013, About 8 years ago

Insured Tenancy Deposit Scheme – Insurance Against What Exactly?

Apologies for the delay in responding, it seems you’ve raised a few issues here which are separate and which I’ll need to address in turn.

1 - Protecting the deposit

Firstly, if an agent becomes bankrupt and the scheme will likely terminate their membership presuming they are made aware. In this instance the deposit will become unprotected. mydeposits will write to both the tenant and the landlord to make them aware also. Importantly, for the landlord, the liability to protect now falls on them.

In such instances the landlord would need to either:

1. Join (if not already a member) and protect the deposit with an insurance scheme (landlords are free to change deposit schemes if they wish). The landlord will then be required to return the deposit to the tenant at the end of the tenancy with or without deductions as per the normal procedures.

ALTERNATIVELY

2. The landlord can find the deposit money straight away and lodge it with a custodial scheme.

Either way the landlord will need to eventually find the deposit money in full, as it remains the property of the tenant and must be protected as such.

2 - Recovering any money/ losses

This is a separate issue and really depends on whether the agent you enlist misappropriated the client money account funds and, importantly, whether they’re covered by client money protection (CMP) insurance.

If they didn’t misappropriate funds then any appointed administrators would probably work their way through the client money account and, presuming all is as it should be, the deposit money should be paid to the landlord client in due course. If that happens then the landlord will have recovered the deposit money and will be free to negotiate deductions to the deposit with their tenants come the end of the tenancy if using an insurance scheme. If a custodial scheme was used to re-protect the deposit then the initial pay-out would have been recouped and the landlord would go about negotiating deductions as per the custodial scheme process at the end of the tenancy.

However, if the agent did misappropriate client money funds but doesn’t have CMP insurance cover, then the landlord would, unfortunately, lose out. This is why it’s vital to choose an agent who is properly covered. If they do have CMP cover then the landlord can make a claim to cover the cost.

3 - Keeping track of the deposit's status

TDP providers deal only with the registered members of the scheme re the status of the deposit and are not required to keep landlord clients or agent members updated.

My|Deposits write to all landlord clients of our registered agent members at the beginning of the tenancy. Here we would also remind landlords that the ultimate liability falls on them to protect and advise that landlords speak to their agent about deposit protection matters and keeping updated with the deposit’s status from here on in.

However, presuming a landlord can verify who they say they are then they could call our advisers and ask to check the status of a deposit. I’m afraid there is no online facility to do so – only the registered member has online access to deposit accounts.

Alternatively, we offer and online tenant check via our website, so if the landlord has the tenant’s name, address and deposit amount then it is possible to look up the protection this way. However, a search would only return whether the deposit is protected or not – no further information would be given.

I hope this is helpful. Do remember that any postings are not in any way present legal advice or positions.... Read More