How long does it take for the money to hit our account?
For insured schemes, the money can take up to 48 hours after the tenant has paid the deposit on the flatfair platform, to appear in the account.
Do we still need to use My Deposits / TDS for the End of Tenancy process?
Currently, the flatfair deposits module only facilitates the lodging of Traditional Deposits. Should you need to close the tenancy and/or propose deductions, these will need to be actioned through your scheme provider.
Can a tenant change their mind once the protection has been selected?
If your tenant(s) decide to change their mind once they have chosen their protection option, please contact firstname.lastname@example.org who will be able to advise and amend the specific tenancy.
Do I need to select a lead tenant?
Yes, if you are offering your tenant(s) the option of a No Deposit and a Traditional Deposit you will need to select a lead tenant. The lead tenant is the person who will choose the protection option on the flatfair platform. If a traditional deposit is chosen, they will need to provide some additional information so that the scheme can contact them when the tenancy ends.
Will I need to let flatfair know if the tenancy extends - in the same way we do for No Deposit?
Yes, it is very easy, all you need to do is let us know on the platform that the tenancy has extended.
Can I amend the deposit amount?
As standard, the deposit amount is set to 5 weeks' rent, as per the Tenant Fee Ban Act 2019 and the deposit cap. You can, however, amend this amount to be lower than 5 weeks’ rent but not above. If the property meets the threshold for a 6-week deposit (for rents above £50,000 per annum) please contact email@example.com.
What happens if the landlord only wants to offer a traditional deposit?
If your landlord chooses to offer a Traditional Deposit only as an option to your tenant(s) you can simply toggle the flatfair option off. Your tenant(s) will then only receive an invitation to sign up and pay for their Traditional Deposit and will not be offered the option of flatfair.
What if the tenant has already indicated they would like to take flatfair?
It is best practice to ensure that your tenant(s) are presented with both options, irrespective of their initial indication to opt for a flatfair No Deposit option. This aids in the compliance of the sale and ensures that the tenant is given the option of a No Deposit and a Traditional Deposit side by side and makes an informed choice.
What do I need to do if the tenancy is no longer going ahead?
If the tenancy is no longer going ahead, please contact firstname.lastname@example.org and one of the team will be able to close the plan.
When will you need a copy of the signed tenancy agreement?
It is important that we receive a copy of the signed tenancy agreement as close to the move-in date as possible. This can be added to the platform retrospectively.
Will I receive a copy of the prescribed information and deposit registration certificate?
Yes, once all parties have signed, the prescribed information and/or deposit registration certificate will be available on the flatfair platform. The documents uploaded to the flatfair platform will depend on which deposit provider you use.
Who should I contact if there is an error on the tenancy?
If there is an error on the tenancy, it is important that you contact email@example.com as soon as possible. This is to prevent a Traditional Deposit or No Deposit from being set up inaccurately. Please note that it is your responsibility to ensure that the data you provide is accurate and complete and flatfair takes no responsibility for any errors in administration or documentation served with incorrect information.
Do I need to have a signed tenancy agreement before submitting it on the platform?
As you will not know which deposit option your tenant(s) have opted for there is no requirement to upload a tenancy agreement ahead of the tenants making a decision. It is, however, important that we receive a signed copy of the tenancy agreement as close to the move-in date as possible.
What happens if the tenants do not meet flatfairs eligibility criteria?
If your tenant(s) do not meet the flatfair eligibility criteria then they will only be presented with the option of a Traditional Deposit. If you are unsure if your tenant(s) meet these criteria you can click here to find out more.
When will I know the deposit is protected?
The deposit is protected from the time the prescribed information and/or certificate is available to download. This can take up to 48 hours, and you will receive an email once the deposit is protected.
How long does it take for me to receive the prescribed information and deposit certificate?
Once tenants have paid the deposit, it takes up to 48 hours for the Deposit Protection Scheme to register the deposit and generate the prescribed information and/or certificate.