mydeposits.co.uk

Agents

Your renewal process

When your mydeposits membership is due for renewal we will send you your Renewal Pack. The renewal is a four stage process:

Stage 1. Completion and return by you of all Renewal Documentation (Statement of Facts) and supporting evidence that we have sent to you in your Renewal Pack.

Stage 2. Completion of a ‘risk assessment’ by us based upon the information that you have returned to us.

Stage 3. Notification to you of Renewal Terms by us.

Stage 4. Acceptance by you of our Renewal Terms by accessing your online account.

Please note that your Renewal Documentation MUST be returned to my|deposits at least 14 days prior to your renewal date.

When returning your Renewal Documentation, we recommend that you use Recorded Delivery with the appropriate postage to ensure delivery and add a return address as a further precaution.

The Essentials

1. Agents Members must provide the following in their returned renewal pack:
• Evidence of a separate segregated client money bank account in the form of a copy of the latest statement for that account and a list of all deposits held.
• A valid Certificate of Membership of any Accreditation organisation that you may belong to.
• In certain circumstances, a copy of your latest audited company accounts.
2. Revised Protection Fees. The cost of protecting deposits will now be set for individual Members following a risk assessment by mydeposits.
• For Agent Members who are affiliated to ARLA, RICS, NAEA, NALS or any other accredited body that can prove existence of client money bonding arrangements, the cost of protecting deposits will remain at £20.00 plus VAT.
• For all other Agent Members, due to the absence of Client Money Bonding, the protection fee will be from £33.00 per protection dependant on the level of risk perceived by mydeposits.
• All protection prices can be reduced by pre-purchasing blocks of protections. 
3. New Payment Methods. Agents wishing to continue paying for protection fees on a monthly basis must now set up a direct debit for collection purposes. Those Agent Members not wishing to continue paying Protection Fees monthly will now have the option of paying for protections individually by debit or credit card or by purchasing pre-paid protection blocks in advance. Agents cannot pay their renewal fee and monthly invoice by cheque.
4. Client Money Account Audits. We may at any time ask for further evidence of use of your segregated client money account.
5. Enforcement of Landlord Correspondence details. You may no longer use your own correspondence address as the landlord’s correspondence address.