Should I take a rent deposit for a commercial lease?

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    Should I take a rent deposit for a commercial lease?

    I am undertaking my first commercial letting and I am wondering whether I should take a rent deposit from my tenant. He expects to pay one, so the obvious answer is “yes, why not?”. However, my solicitor would charge £500 for the relevant deed and I understand that I would have to set up a separate bank account to keep it in, which would be a hassle when it is less than £4k involved and may involve ongoing bank charges (unless I can retain a fee-free account for this purpose). How useful are commercial rent deposits? Would I be mad not to take it?

    #2
    Generally speaking I think you should.

    Is a model deposit deed available from legal stationers etc.? Ultimately it is just a signed, witnessed agreement so I'm not sure you should have to pay £500 for one.
    There is a fine line between irony and stupidity. If I say something absurd please assume that I am being facetious.

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