There is no fee to join our custodial scheme. The Local Authority, who pays the deposit on behalf of a tenant, is the “Relevant Person”. This means if a local authority has paid a deposit on behalf of a tenant, for example, they have proof they’ve done this. If we hold an email address for the tenant then we will inform them on the unprotection via email, otherwise we will need to write to them, to the alternative address supplied. Since 2007 we've focused solely on perfecting deposit protection. In Scotland, the government-approved schemes are: Letting Protection Service Scotland. When a deposit is taken, it must be protected within a 30 day calendar of receipt by the landlord. Each scheme has its own procedures for dealing with changes. An alternative address could be that of: Yes. At TDS we have created a ‘how-to’ guide for those using TDS insured, which you can find here . Check how the new Brexit rules affect you. There are 2 ways to protect your tenant’s deposit with mydeposits. If the tenant does not pay the full amount, then you need to notify us of this and keep evidence, otherwise the tenant may be able to raise a dispute for the full protected amount. Discounts available to NLA members. Don’t worry we won’t send you spam or share your email address with anyone. mydeposits provides both insurance and custodial based tenancy deposit protection in England & Wales. Website by wani creative. The Insured Scheme is where the Landlord or Agent retains the deposit and protection is provided for the duration of the tenancy for a fee. and also pay a protection fee that lets you hold the deposit Check with the deposit protection schemes. The LPA must be registered with the Office of the Public Guardian and we may check for any restrictions on the attorney. We use cookies to collect information about how you use GOV.UK. If your issue or concern service you have received, click here or if the matter is based on an adjudication decision that you are not happy with,  click here. We offer a choice of two Tenancy Deposit Protection schemes; Custodial and Insured. mydeposits offers both types of service and is a membership scheme. When the EPA or LPA has been registered with the Office of the Public Guardian it will have the words registered stamped on every page. It’s quick and easy. These range from those representing landlords who are temporarily living aboard, to those with elderly or young relatives and people who are unwell. Don’t include personal or financial information like your National Insurance number or credit card details. It requires a qualified person (doctor/solicitor) or a long standing friend to confirm that the person requires an attorney. Each scheme has a dispute resolution service that is designed to help the two parties come to a fair and sound agreement over how much is owed by the tenant and if the reason for the withheld sum is legitimate. Safe Deposits Scotland. A Deposit Protection Scheme is required to be issued by all landlords and letting agents, for all shorthold tenancies, in England and Wales. It’s all change for the previously established UK deposit protection schemes too. Both our insurance and custodial schemes offer a free Alternative Dispute Resolution service if the member and tenant cannot agree on the amount of deposit to be returned. The scheme may simply change details on notification, may end protection (thus requiring the new landlord to protect the deposit afresh, either in the same scheme or in a different one) or may require that the new landlord protects the deposit before ending the existing protection. Get the deposit cap right with our handy calculator. If you’re in an ‘insured’ scheme, you or the agent must give the deposit to the TDP scheme. As the home of deposit protection we've got it covered. The PRA proposes to: reset the deposit protection limit to protect depositors up to £85,000 as of 30 January 2017; provide a 5 month transitional period for firms to implement the new deposit protection limit; A fundamental principle underlying DGS is that they are funded entirely by banks, and that no taxpayer funds are used. Once they become tenants the holding deposit becomes a deposit, and you must protect it. An LPA is the most recent form of legal power of attorney and is more complex/lengthy than the EPA. Government-approved tenant deposit protection schemes differ throughout the UK. The Tenancy deposit protection law was introduced on 6 April 2007 to ensure that tenants are able to recover their deposit from their landlord or letting agent at the end of the tenancy, less any amount that the landlord/agent is entitled to withhold. This form can be found at Schedule 1 of the Power of Attorney Act 1971 and is relatively straightforward to complete. A deposit protection fee is paid to mydeposits to legally protect the deposit.Should a tenant raise a dispute with the scheme, the disputed deposit money must be lodged with the scheme.Custodial deposit protectionThe mydeposits landlord member must lodge the deposit with mydeposits for the duration of the tenancy. The Landlord will be unable to regain possession of the property by notice-only grounds for possession under Section 21 of the Housing Act 1988, The Tenant can apply for a Court Order requiring the deposit to be protected, and for the Prescribed Information to be given to him/her. Log in and take care of your deposit whenever you need to. If this is how you protect your deposits, then use: Copyright Tenancy Deposits Solutions Ltd trading as mydeposits. We use this information to make the website work as well as possible and improve government services. the landlord is always legally responsible for the deposit, its protection and its return to the tenant at the end of the tenancy, (provided they are entitled to it).The landlord will still remain accountable and therefore we strongly advise you to ensure that the letting agency has correctly protected the money with a government authorised scheme. In previous blogs, we’ve discussed what changing tenants means for deposits, but there may also be repercussions when the management of the property transfers from an agent to a landlord.. No fees are ever charged. We now capture this information when you lodge a deposit, where we didn't previously do so. You can change your cookie settings at any time. 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