How mydeposits works

certificate of deposit how it works

1. How it Works

Mydeposits is straightforward to use for everyone, for tenants and our landlord and letting agent members. Read about each process in our simple step by step guide below.

Step 1 You pay the deposit

You give your deposit to the landlord or letting agent

Step 2 Landlord protects the deposit

Your landlord pays a deposit protection fee to mydeposits to formally protect your deposit within 30 days of receiving it.

Your landlord can keep hold of your deposit in their bank account for the duration of

the tenancy.

Step 3 Proof of protection issued

mydeposits produces a deposit protection certificate to confirm that your deposit is protected and sends it to your landlord.

You should receive a copy of the certificate and the mydeposits Information for Tenants leaflet within 30 days.

3. End of your tenancy

Step 1 speak to your landlord or letting agent

Speak directly to your landlord or letting agent about how much of your deposit should be returned at the end of your stay.

Step 2 Deposit returned by your landlord

Source: www.mydeposits.co.uk

Category: Bank

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