Multiple deposits in the MyDeposit scheme

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    Multiple deposits in the MyDeposit scheme

    Hi,
    I received a deposit from my new tenants early in the process and immediately registered it with MyDeposits to protect it. Being a first time landlord I was eager to follow the process.
    However on going through the tenant check service because of an increased risk I wanted an additional months deposit. This has been paid, so I want to protect that as well.
    Should I / Can I cancel the existing deposit and then reregister the larger amount or should I just add the extra on?

    #2
    awful scheme ....is their a reason you cant ring or email them? Mydeposits will have their own scheme rules

    Comment


      #3
      What date did you receive the first deposit and what date did you receive the second deposit?

      Are you aware that you also need to give the prescribed information to the tenant? This is several pages long, not just a one page 'certificate'.

      Comment


        #4
        Thanks both.
        I will try to contact them. I guess I can unregister the deposit with the tenants agreement which won't be a problem. The dates are clear that it's before the tenancy has started.

        Westminster - MyDeposits tells me what to give to the tenant, which is a certificate but it includes sections for the tenants to read, and what happens afterwards, it's a two page load of blurb. I've printed out a copy for each tenant, and for their mum that funded the deposit.
        I received the money all in one go, deposit and rent in advance, and it's only after that we were agreeing how it should be apportioned that it changed. So instead of one month being lodged as a deposit, two months are now going to be.
        In hindsight I was too hasty and should held on until it was clear. Anyway you live and learn.

        Comment


          #5
          Originally posted by westminster View Post
          What date did you receive the first deposit and what date did you receive the second deposit?
          The dates are important. Please answer.

          Are you saying that the T paid a month's rent and a month's worth as a deposit, then you decided that the rent was going to be a deposit too?

          Originally posted by Kwaka View Post

          Westminster - MyDeposits tells me what to give to the tenant, which is a certificate but it includes sections for the tenants to read, and what happens afterwards, it's a two page load of blurb.
          Does it include the MyDeposits' leaflet entitled "Information for Tenants"?

          Comment


            #6
            Originally posted by westminster View Post
            The dates are important. Please answer.

            Are you saying that the T paid a month's rent and a month's worth as a deposit, then you decided that the rent was going to be a deposit too?



            Does it include the MyDeposits' leaflet entitled "Information for Tenants"?
            Apologies. I received all of the money on the 22/11.
            The certificate includes the prescribed information from the Housing Act. However I've located the leaflet on their site and will include that as well to be sure.
            Many thanks for your advice.

            Comment


              #7
              Originally posted by Kwaka View Post
              Apologies. I received all of the money on the 22/11.
              Then you have plenty of time in which to comply with deposit requirements. You must do so within 30 days of receipt of the money, so you can simply cancel whatever you set up and start again from scratch.

              The certificate includes the prescribed information from the Housing Act.
              No, it doesn't. It includes only some of the information specified in The Housing (Tenancy Deposits) (Prescribed Information) Order 2007. See link.

              You also have to give information as required by the particular scheme you use, and with MyDeposits, that includes their leaflet but that's not all, i.e. MyDeposits' guidance states that it's up to the LL to deal with Paragraphs 2(1)(g)(vi), 2(1)(g)(vii)(aa), and 2(1)(g)(vii)(bb).

              You really need to get it right. If you fail to give all of the prescribed information within 30 days of receipt of the deposit, then the T may claim for non-compliance and you may be ordered to pay between 1x and 3x the value of the deposit.

              You may wish to consider using https://www.depositprotection.com/ instead. It's free.

              Comment


                #8
                Originally posted by westminster View Post
                Then you have plenty of time in which to comply with deposit requirements. You must do so within 30 days of receipt of the money, so you can simply cancel whatever you set up and start again from scratch.


                No, it doesn't. It includes only some of the information specified in The Housing (Tenancy Deposits) (Prescribed Information) Order 2007. See link.

                You also have to give information as required by the particular scheme you use, and with MyDeposits, that includes their leaflet but that's not all, i.e. MyDeposits' guidance states that it's up to the LL to deal with Paragraphs 2(1)(g)(vi), 2(1)(g)(vii)(aa), and 2(1)(g)(vii)(bb).

                You really need to get it right. If you fail to give all of the prescribed information within 30 days of receipt of the deposit, then the T may claim for non-compliance and you may be ordered to pay between 1x and 3x the value of the deposit.

                You may wish to consider using https://www.depositprotection.com/ instead. It's free.
                Thanks and appreciate your input.

                (g)(vi) - Agreed and the extra leaflet that is available for download from their site appears to cover this exactly, so I will provide.
                (g)(vii)(aa) - This appears to be a review of the certificate which will both do before I sign it in front of them.
                (g)(bb) - Appears to be as above.

                Comment


                  #9
                  Originally posted by Kwaka View Post
                  Thanks and appreciate your input.

                  (g)(vi) - Agreed and the extra leaflet that is available for download from their site appears to cover this exactly, so I will provide.
                  No, it's what is stated in your tenancy contract.

                  Comment


                    #10
                    Originally posted by westminster View Post
                    No, it's what is stated in your tenancy contract.
                    Ok have checked and as I built the AST in the NLA AST builder it incorporates a whole section on the scheme and under what circumstances the deposit would be retained.

                    Comment

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