Editor's note: This brief was summarised by The Property AI Newsroom from a report by Property118. Read the original article for full details.

Mydeposits Moves All Tenancy Deposit Schemes to Total Property Platform

Mydeposits is moving both its insured and custodial tenancy deposit schemes onto the Total Property platform. This change will allow landlords to manage all types of tenancy deposits through a single system.

According to Property118, the insured-backed scheme will now be administered via Total Property, which is already used for the custodial service. The move is described as a major overhaul of mydeposits administration.

The update follows what mydeposits described as its largest investment in insured deposit services. The consolidation aims to streamline the management process for landlords.

This development is relevant for UK letting agents and inventory clerks who work with tenancy deposit schemes, as it centralises deposit management and may affect administrative processes.