If your deposit was protected with mydeposits in their custodial scheme, and the property is in England or Wales, we'll automatically notify them of any tenants who have been added to, or removed from, the tenancy. This means that your deposit record will automatically be updated.
If the property is in Scotland, you will need to notify mydeposits manually if any tenants have been added to, or removed from, the tenancy. You can do so from your mydeposits account, or by contacting them directly using the details shown below.
Any monetary arrangements should aim to be resolved between the tenants themselves.
The next steps will be dependent on whether any tenants are being removed or added to the tenancy.
If a Former Tenant is Leaving and Being Replaced By a New Tenant:
In this instance, the tenant that is leaving will need to receive their share of the deposit back and the new incoming tenant will need to pay their share of the deposit. This can be handled most easily directly between the tenants themselves. If there are no deductions to be made, the incoming tenant can simply pay the amount directly to the outgoing tenant.
We recommend that you order a check-out report for any tenants that are leaving and also a new Inventory inspection before any new tenants move in. A new inventory at this point gives an accurate record of the state of the property when the new tenant moves in and helps reduce the risk of disputes at the end of the tenancy.
If you would like to make a deduction from the outgoing tenant’s deposit and all parties are in agreement, the outgoing tenant should pay the damages directly to the landlord. The incoming tenant can then pay the outgoing tenant’s share of the deposit to them to replace them on the deposit certificate.
In case there is a dispute and you require mydeposits' dispute resolution service, the whole deposit will need to be released to the lead tenant as mydeposits currently don’t have the function to release a partial share of the deposit. Once the dispute has been resolved and the deductions for damage have been agreed, the deposit is released to the lead tenant and they can return the outgoing tenant’s share of the deposit. This will need to be done through your mydeposits account:
- https://portal.mydeposits.co.uk/mydepositsstorefront/mydeposits/en/GBP/landlordLogin (for properties in England or Wales)
- https://crm.mydepositsscotland.co.uk/Account (for properties in Scotland)
If you'd like further assistance on releasing the deposit in the event of a dispute, please contact mydeposits directly:
- businessdevelopment@mydeposits.co.uk
- 0333 321 9404 (for properties in England or Wales)
- 0333 321 9402 (for properties in Scotland)
Once you have received the incoming tenant’s share you will have 30 days to re-protect it along with the rest of the deposit.
If a Tenant Is Leaving the Tenancy and No New Tenant is being added:
The remaining tenants should make up the difference for the deposit and refund the departing tenant’s share.
As above, before releasing a tenant's deposit, we recommend that you order a check-out report to take account of any damage that has occurred during the tenancy period and make any necessary deductions from the original deposit. Ordering a check-out report at this stage ensures that previous tenants cover their share of damage fairly.
If you would like to make a deduction from the outgoing tenant’s deposit and all parties are in agreement, the departing tenant should pay the damages directly to the landlord.
Again, if there is a dispute and you require mydeposit’s dispute resolution service, the deposit will need to be released to the lead tenant. The lead tenant will then need to release the departing tenant’s share of the deposit to them. Once this has been done, you will need to re-lodge the remaining deposit in your mydeposits’ account.
If a New Tenant Is Moving In And No Tenant Is Moving Out:
It is not possible to increase the deposit amount once a tenancy has been set up using our renewals service, so if a new tenant is moving into the property, without any of the existing tenants moving out, you don’t need to collect a deposit from the new tenant. We would, however, still recommend that you carry out a new Inventory.
Having a new Inventory will identify any damage caused during the initial tenancy and help prevent a new tenant disputing damage at a later point.
What if I would like to Increase the Total Deposit Protected?
If you'd like to increase the deposit amount for an existing tenancy you'll need to create a new tenancy. You can find more details on how to do this using Rent Now here.