There are some simple steps to make sure the deposit remains properly protected and outgoing, incoming and remaining tenants are aware of their responsibilities at the end of the tenancy.
Where there is a change in the parties to a tenancy, the best approach is to bring the existing tenancy agreement to an end, then deal with the deposit, and finally create a new tenancy with a new deposit. Although this is the best approach, we appreciate that this option is not always achievable or practical.
If a new tenancy agreement has been entered into, the deposit registration for the old tenancy should be brought to an end.
The deposit for the new tenancy should be protected with a Government-approved deposit protection scheme, such as TDS within 30-days of receiving it.