Tenants now able to lodge rental deposits direct with TDS and Mydeposits

A service has launched that enables custodial rental deposits to be lodged with the UK’s two leading government-approved schemes in seconds rather than the usual two to three days.

This speedier service, which has already been tried out by several agents including Vanquish Real Estate in Kingston upon Thames, is the culmination of tech provided by RentProfile integrated with both the Mydeposits and TDS platforms.

This is the first time that agents have been able to lodge deposits so fast, and enables tenants to submit their deposit directly to Mydeposits or TDS, rather than having the payment first sent to the agent’s bank account who is then required to forward the funds on.

Dashboard

Agents accept that the tenant is making the payment on their behalf into the scheme and view the status of deposit registration via the RentProfile dashboard.

RentProfile says this ensures agents and BTR operator clients meet their compliance obligations, including registering the deposit within the permitted time frame and issuing the prescribed information on their behalf.
Agents are copied into communications with tenants where necessary.

Kate Mutter-Bowen (pictured), Head of Tenancy Deposit Protection at Mydeposits, says: “We pride ourselves on continuous innovation within our products and services to enable a better experience for customers.

“The partnership with RentProfile will ensure that agents are fully compliant with their legal obligations and save them valuable time in the process.”

The initiative has the endorsement of tenant lobbying group Generation Rent, whose Deputy Director Dan Wilson Craw says: “Tenants should be able to pay their deposit directly to a protection scheme. This reduces the time to move in and adds greater transparency to the process.”