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Question

Deposits and Tenancy Deposit Schemes (England) | England | Start of a Tenancy (England)

Deposit transfer to new landlord

3 May 2022 | 3 comments

I am selling a property with a deposit held how can I transfer it to the new landlord?

Answer

3 Comments

  1. guildy

    It all depends on the scheme and whether insured or custodial. It also depends whether the new landlord is with the same scheme.

    All schemes have a mechanism for transferring and we’re sure both solicitors will advise accordingly.

    Worst case scenario is that upon completion, you could cease the protection and give it back to the tenant. The tenant would then pay to new landlord for protection.

    As we say, that’s a last resort and we’re sure will be easily sorted.

  2. 1288

    We are with the insured my deposits scheme and I believe the new landlord wishes for it to be transferred to the TDS scheme and I’m not sure whether they want it in a custodial or insured scheme so if they wanted it put in either scheme how would we go about it?

  3. guildy

    Please see this article for unprotecting a deposit from a scheme. Once instigated, it will need to be protected by the new landlord before it ceases to be covered by you. Although there’s a sample notice to the scheme, you shouldn’t need it as we’re pretty sure you can request unprotection from within mydeposits (we use DPS, so we can’t log in to mydeposits to check).

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