I, and probably many landlords and other property professionals, have received notifications from both The Deposit Protection Service and MyDeposits warning that the web-site mytenancydeposit.co.uk is not that of a government authorised tenancy deposit scheme.
Landlords and agents should beware. If you protect your deposit with this company, this will not constitute compliance with the tenancy deposit regulations. You will remain vulnerable to a court claim from your tenants for the ‘fine’ of three times the tenancy deposit amount.
There are only three companies you can protect your deposit with:
- The Deposit Protection Service – www.depositprotection.com
- My Deposits – www.mydeposits,co.uk, and
- Tenancy Deposit Scheme (from the Dispute Service) – www.thedisputeservice.co.uk
Information on the My Tenancy Deposits site show that it is owned by a company called MTD Secure Limited. A search at Companys House shows that this company was incorporated on 28 January 2009,. The company has offices in Newhall Street, Compton in Birmingham.
We are getting sued by a tenant of 2 years for not having their deposit in a separate account. Our fault for not knowing about the law but we did let them out of their rental agreement early and then they sued us. Does anyone know the success rate of defending this in court? Thanks
There is a good chance that you might lose, although some landlords have sucessfully defended. Have a read of the posts on this blog tagged tenancy deposits.
I would suggest you try to settle if you can.