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
The majority of deposits are returned fully to tenants at the end of their lease. If any issues arise the first step should always be to discuss any issues with your lettings agent or landlord. Issues are more often resolved this way without needing to involve “My Deposits”.
Please remember that the Law states the deposit remains your money regardless of the fact that you have handed it to the agent and that in case you are not returned your full deposit, the agent or landlord must provide evidence explaining why they are entitled to keep any of your deposit.
In the unlikely event of you being unable to agree over the amount to be returned, you can use the Mydeposits Alternative Dispute Resolution (ADR) service.