Deposit Protection
Deposit Protection Information
What is Deposit Protection?
Since 6th April 2007, all landlords and agents who take deposits in England and Wales under an Assured Shorthold Tenancy (AST) agreement must protect your deposit in an authorised deposit protection scheme. The deposit must be protected within 30 days.
Who is “My Deposits”?
“My Deposits” is one of three government-authorised deposit protection schemes, to learn more please refer to their website www.mydeposits.co.uk. In short, landlords and letting agents join this scheme and pay a deposit protection fee to protect your deposit, in turn the scheme holds on to your deposit until the end of your lease and then returns the agreed amount to you when you move out.
Getting Your Deposit Back
Most deposits are returned in full at the end of the tenancy, provided the property has been well maintained and the end-of-tenancy guidance has been followed. To ensure a smooth process, tenants should review all relevant check-out information carefully and take appropriate steps before vacating the property.
If any issues arise following the property check-out, the first step should always be to discuss them directly with the property management team or landlord (where applicable). Most matters can be resolved quickly and amicably without the need to involve the deposit protection scheme, MyDeposits.
Please note that, under UK law, your deposit remains your money. In cases where a deduction is proposed, the landlord or agent must provide clear evidence to justify any amount retained.
In the unlikely event that an agreement cannot be reached, you have the right to refer the matter to the MyDeposits Alternative Dispute Resolution (ADR) service for an impartial review. Mydeposits Alternative Dispute Resolution (ADR)