MyDeposits has there been a change in policy?

by Readers Question

10:33 AM, 3rd December 2014
About 4 years ago

MyDeposits has there been a change in policy?

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MyDeposits has there been a change in policy?

I have registered the same contract with MyDeposits for several years. It’s four sharers in a jointly & severally liable 12 month contract.

Each year I pay to renew the deposit registration covering four named sharers for 12 months in line with the contract even though no sharer moves out at this point.

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 MyDeposits of the change of sharer name each time this happens over the phone and they record this.

MyDeposits 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.

Four weeks ago I paid for another 12 month registration. A sharer has just moved out and a new one has moved in.

MyDeposits 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 MyDeposits may have changed their way of doing business. Has anyone else encountered this?

Paulfriends



Comments

My Deposits

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

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.

Paul Shears

11:48 AM, 4th December 2014
About 4 years ago

I did not realise that the DPC number changed but I can see why it would. I am after all, starting a new DPC every 12 months.
You are correct in that I did quote the DPC number which ran until October this year at which point I paid a new deposit fee.
However I'm unclear what the new DPC number would be even though I paid for the renewal several weeks ago.
I've send in the new contract signed by the current tenants and hopefully I will get a new DPC number.
Thanks for the reassurance.
Regards
Paul

My Deposits

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

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.

My Deposits

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

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

Paul Shears

15:35 PM, 4th December 2014
About 4 years ago

All sorted.
MyDeposits are sending me confirmation.
Thanks for your help.
Regards
Paul


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