Transfer from Custodial to Insured Deposit Scheme with
Tenancy Deposits

John D.
John D.
0 Thanks
2 Posts
1 year ago

Hi all,


I've unfortunately used via the OpenRent website (highly recommended!)

Previously, MyDeposits have refunded the custodial deposit to the tennant and then the tennants have sent me the deposit money.

I then insure the deposit money in the correct way using the insured scheme (using my NRLA discount;) of course), and everything works really nicely.............well it did before, but now there is -according to Jamie at MyDeposits - an MOU between each of the companies that no longer allows me to do that anymore!

Now it appears that MyDeposits won't release the deposit to the tenant. Apart from either (a) waiting 6 months until the end of the tenancy agreement or, (b) cancelling the agreement now (can we even do that??) MyDeposits are sitting on £1400 of the tennant's deposit money that I would prefer (and entitled as landlord) to hold.

The tennants are totally onboard with me on this btw.

Can anyone give me a steer around this ludicrous system we have please.


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