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Taking over deposit from agent

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Hi,
I have tenants in my property but I am getting rid of my agent to manage the property myself. The deposit is currently held in a deposit scheme organised by the agent. But now I have to take over. I have few questions

1. I was looking at TDS (https://www.tenancydepositscheme.com). Is this what I should be looking at?
2. TDS have two schemes 'Insured' and 'Custodial'. Insured means I pay TDS £24 and I hold the deposit and in custodial TDS would hold the deposit. Any advice which one should I go for?
3. Does anyone know what is 'My Deposits'?

Thanks

Comments

  • Slithery
    Slithery Posts: 6,046 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    The deposit should already be registered in your name as the LL, can't you just contact TDS and change your contact details?

    deepam said:
    Does anyone know what is 'My Deposits'?
    It's one of the 3 registered deposit schemes. The other two are DPS and TDS.
  • greatcrested
    greatcrested Posts: 5,925 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Since you already have tenants and the deposit is protected, you simply take over the existing registration.
  • deepam
    deepam Posts: 140 Forumite
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    Since you already have tenants and the deposit is protected, you simply take over the existing registration.
    I don't think I can't do that. The agent tells me that I have to produce a certificate and they would transfer the deposit. As I understand, I will have to open a account with TDS to do that
  • Comms69
    Comms69 Posts: 14,229 Forumite
    10,000 Posts Third Anniversary Name Dropper
    deepam said:
    Since you already have tenants and the deposit is protected, you simply take over the existing registration.
    I don't think I can't do that. The agent tells me that I have to produce a certificate and they would transfer the deposit. As I understand, I will have to open a account with TDS to do that
    No. Where is the deposit now?

    Either you tell agent to send it to you, and the protection schemes simply amends their contact details. (and you pay the cost for insured)

    Or if it's custodial, simply change details. 

    Thats it.
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