PROTECTING YOUR DEPOSIT
Our Tenancy Deposit Scheme
When you let your property with Ivy Gate, you can be confident in knowing that we work with mydeposits.co.uk, a government authorised tenancy deposit protection scheme designed to enable you, as a Landlord, to comply with the law.
Did you know…
By law, you must protect all your tenants’ deposits in a government-authorised tenancy deposit protection scheme. This applies to all Landlords and agents in England and Wales who have an Assured Shorthold Tenancy (AST) agreement (the contract) with their tenant.
It was introduced to ensure that tenants are able to get your deposit back from their Landlord or agent when they move out.
Start of the tenancy
Step 1 Tenant pays the deposit
The tenants give their deposit to you or to us, depending on if the you are already registered with a government scheme or if we need to act on your behalf.
Step 2 We protect the deposit
The deposit is formally protected within 30 days of receiving it.
We keep this deposit securely ring fenced from our other accounts. You can keep hold of their deposit in your bank account for the duration of the tenancy if you are already registered with an approved tenancy deposit scheme.
Step 3 Proof of protection issued
mydeposits produces a deposit protection certificate to confirm that the deposit is protected and sends it to you.
The certificate is signed.
End of your tenancy
Step 1 The tenant serves notice to us, or to you directly.
A conversation and subsequent negotiation will determine how much of the tenants deposit should be returned at the end of their stay.
Step 2 Deposit returned
All or part of the deposit is returned to the tenants within 10 days of agreeing the amount to be returned. (If you and your tenant cannot agree then mydeposits offer a free Alternative Dispute Resolution Service to resolve the dispute).
Step 3 Landlord unprotects deposit
Contact is made with mydeposits and formally unprotects the deposit.
Step 4 Confirmation
We will advise the tenant that the deposit has been unprotected.
We would always advise discussing any disputes with your tenants before entering into a formal dispute.
Step 1 Notify mydeposits
Disputes can be logged within three months of the tenants moving out of the property.
Step 2 Submitting evidence
Tenants have 10 working days to submit their evidence.
Step 3 Dispute case logged
The dispute is logged by mydeposits and given a unique reference number (URN).
Step 4 mydeposits contact you
Within 10 working days mydeposits will notify you of the dispute and their options to resolve it.
Step 5 Landlord lodges the disputed deposit amount with mydeposits
Within 10 working days you must send the disputed deposit amount for safekeeping.
It is held in a secure bank account until a decision is reached.
Step 6 Landlord’s counter claim
You have 20 working days from the original dispute letter to supply any counter evidence.
Step 7 Evidence passed to Adjudicator
All evidence is passed to the adjudicator to make a decision.
Step 8 Decision made
The final deposit amount will be agreed within 10 days.