Tenancy deposit

Hello, I’m considering moving over to Openrent, my letting agent do very little for their money. However when we first rented our property (first time landlords) the letting agents advised me of a “no deposit” scheme for the tenants which was guaranteed through their insurance and/or reference checks.
When i look at Openrent they require the deposit to be transfered which obviously I don’t have. Does anyone know what this scheme is? And will I have to ask the tenants for a deposit to move them over? They have always paid on time and been no trouble at all, I don’t want to put them in a situation of stupping up the deposit now after 5 year’s.

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check replies of 7 hours ago. Same question

You should be aware that Openrent are a letting agent and dont provide a full tenancy management service. If there are gaps in your knowledge as a landlord, you will therefore be at risk once you move away.

Check the terms of the contract between you and the letting agent. If you have the same tenants you will usually have to pay them a fee to end the contract.

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