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  • Deposit Protection

    Re-protect the deposit when > to periodic?

    Hi,

    My tenant has completed 1 year as per the AST, does not want to renew the yearly contract but rather prefers a 2-month rolling contract. While I am ok with this arrangement, the deposit was initially protected for 1 year with mydeposits. Going forward, do I need to protect the deposit for 2 months on a rolling basis? how do I go about this?

    Thanks for your help

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    My Deposits normally send out an email 30days before tenancy ends reminding you that contract finishing .When you log in to my Deposits you will have choices of renewing contract or continuing as a statutory periodic. just press the button for Statutory Periodic.

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    TDS (Tenancy Deposit Scheme) is a Government approved tenancy deposit protection scheme; it manages two schemes TDS Insured where the letting agent or Landlord member hold the tenancy deposit and a TDS Custodial scheme where TDS hold the tenancy deposit. We are assuming for this response that your deposit is registered with an insured scheme.

    If the landlord has done what is necessary to register the tenancy deposit for protection and served the Prescribed Information documentation within 30 days of the tenancy deposit being received, they will have complied with the legislation's requirements. If the original fixed term rolls over on to a statutory periodic tenancy with all the details of the parties, the property, the tenancy deposit and the scheme remaining the same the tenancy deposit remains correctly registered for protection and no further action is required (you can update your TDS account to show that the deposit has become periodic for good housekeeping).

    Under the TDS insured scheme the protection of the deposit is for the life of the tenancy, unless the parties enter into a new fixed term or there has been a change to the details in the tenancy. If this is case, the tenancy deposit will need to be re-registered and the required documents served again.

    Remember there may be a difference between the rules of the scheme you have chosen in respect of re-registration and maintaining tenancy deposit protection.

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    thank you for your responses

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