Once the tenancy agreement is signed, we’ll ask tenants to pay their first month’s rent and tenancy deposit. We recommend that this is done through Portico Direct, so that we can send the deposit directly to a custodial tenancy deposit scheme and issue the correct paperwork. We use my Deposits, as our nominated scheme. We’ll transfer the funds to my deposits as soon as they arrive in our account, and we’ll set up an account for both the landlord and the tenant.
At the end of the tenancy, the deposit is released by the landlord and tenant agreeing any deductions. MyDeposits will then send the money to each party.
If the landlord and tenant can’t agree on the exact amount of the deposit deductions, then the process will go to arbitration.
It is essential that the tenancy deposit is registered with a recognised scheme before the tenancy begins. The penalties for not doing so are severe – up to 3 times the value of the deposit.
Call up or send a message to the landlord using your Portico log in. We’ll be able to tell you which times work best to arrange a viewing.