What happens to the deposit at the end of the tenancy?
We explain what happens at the end of the tenancy depending on which scheme you choose
If there are no deductions to be made, the full deposit should be returned to the tenant.
In the case of a Custodial scheme, both parties will need to confirm to the scheme how much should be returned to the tenant - and to the landlord, if deductions have been agreed.
Either party can initiate the deposit release.
In the case of mydeposits, they will then return the deposit within one to two days (two days for England and Wales Insurance and Custodial, and one day for Scotland, Northern Ireland and Jersey).
If you wish to make deductions and the tenant disagrees, you will need to provide the scheme’s dispute adjudicators with evidence (see below).
The claim will be investigated, and once the adjudicator has made their decision - which is final – the money should be received within five days.
If you have used an Insured scheme, you can simply return the deposit to the tenant as soon as you’re happy there are no deductions to be made.
If there is a dispute, the disputed amount must be handed over to the TDP scheme provider and they will hold it until the issue is settled. Any undisputed amount should be refunded to the tenant immediately.
The deposit must be returned to your tenant within 10 days of you both agreeing how much they’ll get back.
