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HOW IT WORKS

All about mydeposits deposit protection, designed for landlords.

Fast, Simple Tenancy Deposit Protection

Government authorised deposit protection

As Chief Executive Officer I’m delighted to introduce you to mydeposits.

mydeposits has been protecting tenant’s deposits since 2007 and counts over 150,000 landlords and 3,500 letting agents as members across England and Wales.

As the longest serving Chief Executive Officer of all the deposit protection schemes, I’ve seen first-hand how deposit protection has helped raise renting standards, reduce unfairly withheld deposits and improves landlord - tenant relationships.

Our aim is to provide quick, easy and compliant tenancy deposit protection.

Eddie Hooker mydeposits Chief Executive Officer

What you can expect from mydeposits:

A knowledgeable, friendly team

Our team of deposit protection experts are ready to support you on the phone, by email

or face-to-face.

We are proud holders of the Investor in Customers and

Investors in People standards.

Expert guidance and support

We aim to help you with a happy renting experience with

expert education and guidance if you need it.

Over 50 downloadable guides and videos available and

workshops across the country.

Simple, easy to use deposit protection

Simple step-by-step processes that help guide you through your mydeposits tasks and ensure a

smooth end of tenancy.

We always exceed our government set key performance

indicators that measure our service to you.

A trusted alternative dispute resolution

service

Our free award winning resolution service will resolve deposit disputes quickly and fairly.

Under 2% of all protected deposits need the mydeposits dispute resolution service. We

encourage good communication.

Play an active role to raise standards

in the sector

As a government-authorised scheme we will continue to support the rental sector.

The unique relationships with our partner organisations mean we understand renting

inside out.

Fast, simple deposit protection

Always innovate and improve

Our aim is to take the hassle out of deposit protection. We will

always ensure that mydeposits is accessible and easy to use.

You have 24/7 access to your mydeposits online account.

What is deposit protection?When you take a deposit from your tenant on an Assured Shorthold Tenancy (AST) in England and Wales you will need to do the following within 30 calendar days of receiving the deposit:

Protect the deposit with a government authorised scheme, such as mydeposits,

Provide the tenant(s) with the Prescribed Information.

Fail to comply with both or either of the steps above and you could be fined between one and three times the deposit amount, and lose the ability to obtain a court order to regain possession of the property (under a Section 21 notice) until the deposit is protected and Prescribed Information served.

As well as protecting the deposit you must also provide the tenant with key information relating to the deposit protection, called the Prescribed Information. This includes details about the scheme used to protect the deposit, instructions about disputes and key contact information.

mydeposits provides its members with the majority of this information in the Prescribed Information Template which is produced when you protect a new deposit, along with the mydeposits Information for Tenants guide.

All you need to do is sign the Template and pass it to your tenant with the leaflet within 30 days of receiving the deposit.

Why was it introduced?It is normal practice for a landlord to take a deposit from their tenant to safeguard against potential breaches of the tenancy agreement (for things like failure to pay rent or damage to the property).

The tenancy deposit protection legislation is designed to ensure they get the deposit back at the end of their stay, provided they meet the terms of their tenancy agreement.

Who is mydeposits?mydeposits is here to ensure you comply with the law quickly and easily. We are a government authorised scheme that’s jointly owned by the National Landlords Association and Hamilton Fraser Insurance.

What is the Prescribed Information?

How mydeposits works

Inform your tenantPass the tenant proof of the protection (called the Prescribed Information) within 30 days of receiving the deposit.

We provide the majority of this in the Prescribed Information Template that is produced when you protect a new deposit, along with the mydeposits Information for Tenants guide.

There are two ways to protect your deposits with mydeposits, using our insurance deposit protection product that enables you to keep the deposit in your bank account, or our free-to-use custodial service where you transfer the deposit to mydeposits to hold.

Join mydepositsmydeposits is a membership scheme.

To get started you’ll need to set up your member account.

This is a one-time only process and can be completed instantly online.

Protect each deposit you takeYou can choose how you protect the deposit with mydeposits. You can either:

Keep the deposit in your bank account and pay a small fee using our insurance based product.

or

Pass the deposit to us to safeguard with our free-to-use custodial product.

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Landlord guide to mydeposits

That’s it, you’ve complied!You can do all of this instantly in your online member account; it takes under 5 minutes to complete.

The deposit is protected for the full length of the tenancy agreement.

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Your deposit protection optionsYou can choose how to protect deposits with mydeposits, choose the product that best matches your needs;

Landlord guide to mydeposits

Custodialdeposit protection

Insurancedeposit protection

Transfer the deposit to mydeposits by BACS, cheque or debit card.

Once the money clears, pass the Prescribed Information to your tenant.

We hold the deposit throughout the tenancy.

At the end of the tenancy:

You and your tenant authorise the deposit release.We will return the deposit.

Pay a small deposit protection fee to legally protect each deposit.

Pass the tenant the Prescribed Information immediately.

You hold the deposit in your bank account.

At the end of the tenancy:

Suggest any necessary deductions with the tenant and return the deposit immediately.

Ideal for new landlords or those with low value deposits

Ideal for landlords with large portfolios or high value deposits

We hold the deposit You hold the deposit

OR

From £12.60 per protection. (see website for fees)

Free to use.

I have found the customer service team at mydeposits very helpful. My first tenant moved on after three years and I felt like I had forgotten the protection process, but mydeposits provided me with all the information that I needed about the procedure and how I could secure another deposit quickly.

Mydeposits member

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Tenancy Deposit Solutions Limited, trading as mydeposits. Registered office: Lumiere House, Suite 1-3, 1st Floor, Elstree Way, Borehamwood WD6 1JH. Registered in England No: 05861648. VAT No. : 893 9729 49 Authorised by

Joining mydeposits

You can join mydeposits online or by post or phone. The quickest way to join is online.

Insurance based deposit protection service fees

There’s a one-off joining fee to become a landlord member of mydeposits and then an individual deposit protection fee to legally protect each deposit you take from your tenant.

See our website for the latest fees.

Remember our Custodial based deposit protection service is completely free

Contacting mydeposits

Next steps

0333 321 9401

www.mydeposits.co.uk

Working with expert organisations