Tenancy Deposit Schemes

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    Tenancy Deposit Schemes

    I'm about to become a landlord after purchasing a BTL.

    The property is about 300 miles from me and I will be using an LA for the day to day stuff etc.

    Is there any pro's or cons of me taking the deposit and registering it to a Tenancy Deposit Scheme of my choice etc? or is better to let the L handle this as well?

    #2
    I use a letting agent, but they transfer the deposit to me and I protect it.
    It causes extra admin and communication with the tenant, but it means that I am confident that the initial requirements of the tenancy are met.

    Without being rude, it depends if you or your agent know more about what they're doing and how confident you are in them.
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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      #3
      Hi JPK

      Thanks for your response. That was my thoughts exactly

      I'm not fussed about the extra admin at all, and would prefer to know that the money has been protected. In doing so myself, I will know that is has been.

      Being a new LL I'm obviously not au fait with all the legalities etc but through this forum and others I'm learning all the time.

      I suspect it would also be wise to ask the LA for proof that EPC, GSC and the How to Rent booklet has been issued to the Tenant by way of the T signing for such items.

      I have no reason to suspect the LA is not confident, but I like to be in control as much as possible where money / contracts etc are involved.

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        #4
        I can't guarantee that this is foolproof, but I send a letter (with proof of posting) with the Deposit Prescribed Information (2 copies), the EPC and How to Rent Booklet.

        If I've got the GSC I include a copy. If I haven't, I tell the tenant that one has been left in the property and to contact the agent for any additional copies (the agent puts the GSC and smoke alarm checks on their check in inventory).

        I give the tenants a stamped envelope to return one copy of the PI signed.

        I give them my details (including a mobile number used only for the business that forwards to my own mobile) and reminds them to contact the agent if they have any problems.

        I scan this (takes ages) and keep a copy.
        When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
        Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

        Comment


          #5
          I no longer take deposits, just make sure tenants are throughly vetted, but that may depend on the calibre of tenants you target.

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            #6
            JPK, that's perfect advice, I'll certainly be following that route.

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