Transferring deposit to new Landlord

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    Transferring deposit to new Landlord

    Please can anyone advise, I've purchased a tenanted property and the existing tenant has been there 5 years and is staying. It's on a standard AST and the current landlord uses TDS and they hold the deposit. I'm already using for my other property but use the insurance based option where I hold the deposit, ideally I'd want the new one to be added to my agreement, but apparently TDS do not allow a transfer.

    Has anyone had experience of doing this or would it just be better to sign up with TDS and do the transfer?


    It's currently (as far as I know) impossible to transfer deposits between different protection companies.

    It's easiest to sort this out as part of the purchase (but that sounds like it's not an option).
    You can join the TDS and transfer it as you suggest.
    You can talk to the tenant and seller and get them to return the deposit and give it to you.

    It's possible that the deposit is currently not properly protected (because you're the landlord and you haven't protected it), so sorting it should be a priority.
    If you're going to insure it, why not do that anyway, it's cheap, and sort out the actual money with the seller.
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).


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