@Karl11 - thank you. Any suggestions on what might happen if I leave the deposit protected in our personal names? Given myself and my husband will be operating the new company too, do you foresee any issues while releasing the deposit should the tenant decide to end the tenancy at some point in the future?
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If the landlords name on the deposit and therefore Prescribed Information is not the same as the landlords name on the tenancy agreement, I dont think it will be properly protected and the landlord would be liable for a deposit penalty.
@David122 but seems Openrent think an agent or representative is OK. Just found their guidance here
"Does the account have to be in the same name?
In short - no, there is no legal requirement for the name on the landlord’s account with the deposit agency (e.g. MyDeposits) to be the same as the landlord’s name on the contract.
Housing Act 2004, chapter 4, section 212 (9a) states:
“references to a landlord or landlords in relation to any shorthold tenancy or tenancies include references to a person or persons acting on his or their behalf in relation to the tenancy or tenancies”.
So, if a landlord asked a third party (who could be an individual or an agent) to deal with a deposit on their behalf, that person would take on the obligations of the landlord."
The issue will arise if OR automatically inserts the account holder name in the PI it generates and doesnt allow amendments. I acknowledge that I know nothing of the OR Rentnow process so this may not be applicable.
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Thank you @Christoforos . Did you add to the new contract any wording on tenants requiring to pay in the deposits? Or did the tenants just do it based on trust?