If so, you may need to transfer deposit money which you protect. So can it be done? The answer is yes, and you are particularly flexible when using an insured scheme such as TDS – but you must take certain precautions. Otherwise you, your tenants, and your landlords may be open to risk. So how can it be done?
Some key points to remember when transferring deposit money which you protect:
From an agent’s point of view when a deposit holder, the key requirement in any movement of the money is that the agent is accountable to both parties for its safety. Therefore the agent must take steps to ensure that the deposit is properly protected at all times and that all parties are kept informed.
The tenant normally has no say in which scheme will protect the deposit as this is the deposit holders’ legal responsibility.
Remember that we continue protecting the deposit after the transfer for 3 months or until it is protected in a new scheme – whichever date is sooner. To avoid any risk don’t release any deposit money which you protect (and should be protected) unless you are certain its new home is a protected one.
If you are a letting agent, or a landlord with a large portfolio and wish to transfer deposit protection to the Tenancy Deposit Scheme we are able to assist with the practicalities – we won’t leave you alone to the administration. Contact us for more information – email@example.com