who should hold deposit?

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    who should hold deposit?

    I have just used a letting agent to do a tenant find for me,I will be managing the property myself once the handover goes ahead on 30th sept.The agent has said that they deal with the deposit .what I don't understand is, what will happen at the end of the tenancy?Who will decide what to pay back when the tenant moves on? The agent is supposed to be doing a condition of property report,so will they expect to get involved at the end? (and expect further payment as well). I asked for no tie in contract.The member of staff I spoke to said that they hold the deposit.Can I insist on dealing with protecting the deposit myself?

    #2
    Originally posted by teeps View Post
    I have just used a letting agent to do a tenant find for me,I will be managing the property myself once the handover goes ahead on 30th sept.The agent has said that they deal with the deposit .what I don't understand is, what will happen at the end of the tenancy?Who will decide what to pay back when the tenant moves on? The agent is supposed to be doing a condition of property report,so will they expect to get involved at the end? (and expect further payment as well). I asked for no tie in contract.The member of staff I spoke to said that they hold the deposit.Can I insist on dealing with protecting the deposit myself?
    You will have signed a contract with the agent. Read it. It will show the charges you have agreed to pay.

    I use an agent on a find-only basis and they hold the deposit, protected by the TDS. They are ARLA members so I'm happy for them to hold it (as ARLA members' client accounts are protected so I'm safe if they go bust etc).

    At the end of the tenancy they send me and the tenant a form to agree to release the deposit. I haven't had a dispute so far, but if there was one, the agent would have to send the disputed amount to the TDS. Then the dispute would be settled either via TDS' adjudication service, or by the county court.

    I organize my own inventory checks, but if I wanted, the agent would arrange it for me, (and probably charge a fee). Similarly, I could hold the deposit myself if I wanted, but I just find it easier to let the agent deal with it (of course, I check they have done it correctly as I am ultimately liable).

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      #3
      thanks for that westminster,i haven't had any paperwork through yet although they are a reputable company and arla registered

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        #4
        You can hold the deposit if you wish, just register on the DPS website and ask your LA to pass the funds to you.

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