Returning a holding deposit after using own contracts

Landlord Discussion
1

Hi,

I do not want to use OpenRents contract and deposit/first rent collection as i do not want to have to use ‘MyDeposits’ after seeing bad reviews on here. I also do not want to have to wait 10 days before receiving my rental payment.

I have seen that you can cancel the holding deposit and do the contracts yourself, and the holding deposit will be returned to the tenants, but it does not state how long this will take for them to get the money back.

Can anyone help?

Thanks

1 Like
2

They refund the money immediately, should hit their bank account same day or day after.

I’ve not had any problems with mydeposits myself but as always, you hear about the bad experiences.

Why wouldn’t you want to wait 10 days for your money?

3

Thanks Per, it’s not just waiting for the money, it’s the fact that you have to go through MyDeposit rather than the DPS … and i have seen people writing bad things about MyDeposit.

I have paid for the advertising, and the referencing for the tenants, do you know if the contract and deposit collection is free if i decide to stay with OpenRent? Or is that an extra charge?

Thanks

4

No, they don’t cost you anything extra.

5

okay thanks, i wasn’t sure if you had to purchase the £49 rent now service. It’s all really confusing !

6

Ah, so you paid the advertising and references separate and not the bundle?

Then I’m afraid it’s extra. Sorry for the confusion.

7

i thought that too, but then on my listing it says this:

Moving Forward with Rent Now

This listing is already in Rent Now, click the button to check the status of the current stage.

8

I have used MyDeposits several times now and had no problems. The 10 day wait (it’s usually less actually) for your 1st months rent is to protect the tenant and I think it is fair enough.

2 Likes
9

I have started using the OR AST (slightly modified). It can be downloaded for free from their website. I collect the deposit myself and place it with DPS. I do not use anything other than OR’s advertising service. If I did want references through OR I would pay for them seperately. I find that it is easy enough to do these checks yourself for UK based tenants. Trickier and requiring a little extra work for non-UK tenants. I have found that the company OR uses to complete references really struggles with tenants who have very little or no UK footprint. I ask UK based tenants to prove they have no CCJs through online paid for services (their cost). Simples.