Switching Deposit Protection mid-Tenancy

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    Switching Deposit Protection mid-Tenancy

    Hi

    One of my rentals I have the deposit protected via MyDeposits (Insurance Based).

    I'd like to switch this over to Custodial with TDS. Am I allowed to do this?

    #2
    Don't see why not - I recently moved a deposit from TDS to mydeposits when I forced an agent to hand it over.

    But why would you want to move from mydeposits when you have already paid the premium?

    Comment


      #3
      Because you have to remember to pay annual Premium, when due, to maintain protection. My Deposits also offer a free custodial scheme. The main thing is to ensure any deposit remains fully protected at all times during transfer. (bit like an ISA wrapper).

      Comment


        #4
        Originally posted by mariner View Post
        Because you have to remember to pay annual Premium, when due, to maintain protection. My Deposits also offer a free custodial scheme. The main thing is to ensure any deposit remains fully protected at all times during transfer. (bit like an ISA wrapper).
        But there isn't an annual premium (unless of course you are re-signing annual ASTs)

        Comment


          #5
          Hi Claymore,

          Yes, you can move to TDS Custodial mid-tenancy. It takes just a couple of minutes to register an account with us, and you can then register and pay for the deposit through your account. The deposit would be fully protected with TDS Custodial once we received cleared funds, and we will send you and your tenant(s) a deposit protection certificate as confirmation.

          Hope this helps. Please do get in touch if we can be of further assistance.

          Best,

          Rebecca

          Comment


            #6
            Blimey, that's helpful.

            Personally I'd re-serve the PI as well, but suspect that's not strictly necessary.
            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).

            Comment


              #7
              Originally posted by jpkeates View Post
              Blimey, that's helpful.

              Personally I'd re-serve the PI as well, but suspect that's not strictly necessary.
              Spot on jpkeates, and we make this really easy. We pre-populate the prescribed information form with the details given when registering the deposit, and email a copy to you, ready to serve along with our scheme leaflet.

              Best,

              Rebecca
              TDS Custodial

              Comment


                #8
                Originally posted by AndrewDod View Post
                Don't see why not - I recently moved a deposit from TDS to mydeposits when I forced an agent to hand it over.

                But why would you want to move from mydeposits when you have already paid the premium?

                I have been naughty :-(

                I always pop deposits in a custodial scheme as I like to know the money is 'there' to return immediately. But with this deposit, I sort of 'borrowed' the money for something else, rather than access my savings which were tied up because of penalty clauses. So now I'd like to have peace of mind the deposit is sitting where it should be.

                Comment

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