Moving tenancy to OpenRent-–deposit transfer from TDS to mydeposits

[Adam11]

Hi,

I’m moving one of my lets from a High Street agent to OpenRent. I need to get the deposit transferred from TDS, who currently holds it, to mydeposits, which is what OpenRent uses. The current agent says:

”If the (new) deposit is custodial we just need the reference number and we can transfer to that mydeposit account – if its insured we will need a copy of the new certificate and the bank details of the account you want it paid to.”

I want to know what my next move is please.

(Background: good tenant, property inspected and in good condition, good relationship with existing managing agent so correspondence etc. isn’t a problem. )

Kind regards,

Adam

[Karl11]

See this recent chat on the same subject:

Transferring a deposit from estate agent to Open Rent

We have a property managed by a local estate agency and are moving it over to Open Rent. The tenant will continue to live in the property. We want to transfer the deposit from the estate agency’s government protection scheme to Open Rent’s. What information does the estate agency need to do this?

[Adam11]

Thanks.

So essentially, the tenancy needs to terminate with the current MA, get the deposit returned, then initiate the new tenancy through OR.

[Leslie1]

Whats the reason for moving it ?