I'm a Upad tenant: What do the changes mean for me?
The changes at Upad were huge news to the landlord community, sending shockwaves through the sector. However, barely a ripple was felt outside the property industry, which means that many tenants were left in the dark about the changes.
However, should Upad tenants be concerned? As the time ticks on, more and more tenancies are likely to be coming up for renewal, so will the Upad relaunch spell trouble for existing tenants?
In short, no. There is absolutely no need to worry. Upad was been acquired by Howsy, and relaunched to provide the exact same services that you are used to receiving. As a tenant, your experience with Upad shouldn’t change, but it is understandable that you are concerned!
Your Upad team are available to answer any questions you may have on 0330 808 5121, or check out our FAQs below:
Upad arranged my tenancy, where does this leave me?
Upad is back up and running and functioning completely as normal, so if your tenancy is up for renewal and you’re planning to stay in the property, you have absolutely nothing to be concerned about.
Your landlord can contact their team here at Upad, and we can arrange a tenancy renewal with no fuss – you will be issued a new AST (the only agency-related change on this will be the contact details for your Upad team) which will start a new fixed-term contract, and your deposit will be re-protected.
It’s a good idea to speak to your landlord in advance if you’re hoping to stay on in a property. If you can give them as much notice as possible, thy are able to work with their team here at Upad to make sure that renewing your tenancy is simple and stress-free.
What has happened to my existing deposit that was protected with Upad?
A real concern for both landlords and tenants is the security of their deposits. It is an understandable worry, when a company has gone into liquidation. However, worry not!
You will be pleased to know that your deposit is being held safe and sound. Deposit management is a real priority at both Upad and Howsy, and this was at the top of the list during the changeover period.
Pre-administration, deposits were held in a TDS Insured scheme. This meant that when your deposit was taken and passed to Upad, they held it in their own ring-fenced account. It was not accessible by the business, but it was in an account owned by the company. You or your landlord were able to apply to Upad to have the deposit returned. This is perfectly legal and fully compliant with all industry regulations.
When the administration process started in October, deposits were moved from Upad accounts into a TDS Custodial scheme. This practice works very similarly for tenants, the only difference being that you have to apply to the TDS directly to start the process of having a deposit returned. The only major change to the system is that funds were no longer held with Upad, but with the TDS directly.
Your deposit is still sitting with the TDS Custodial scheme, safe and sound ready for you or your landlord to get in touch when it is time to start the repayment process. You can find out a little more how this works here: https://custodial.tenancydepositscheme.com/home/