UK Landlord Forum / Life

As above really, recently taken back management of a property from a letting agent. They continuing to hold onto the deposit as its in in the insurance scheme. I feel once we get monies owed we will arranged to have this moved about though I believe this process can be quite arduous. My question is after listening to Radio 4's You and Yours when an AST when becomes a PST does any change have to happen to the deposit?

What has to happen to the deposit is that you have to inform the tenant that their deposit is held in a scheme by serving the Prescribed Information, templates of all you need are on the deposit scheme.  You can at this point pay the deposit into a custodial scheme, move it between Deposit companies, the DPS do not mention SPT in their terms and say that such deposits are protected at their sole discretion, so either ask them to specify this particular deposit is protected by the scheme or move it to one of the other two (TDS or MyDeposits).

There is nothing arduous, the deposit does not have to be taken out and put back in as it is deemed to have been paid BUT you must serve the PI in the right way, which can be procedural if you have not done it before.  See my other post for how I recommend to do it.