Tenancy Renewal - Resubmit Deposit?

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    Tenancy Renewal - Resubmit Deposit?

    2 year tenancy coming to an end and the T wants to sign a new 12 month tenancy. The deposit is currently with the DPS.

    Do I need to pay her back the deposit and then take a new deposit and resubmit it?

    #2
    No.
    If the deposit is in a custodial scheme, you just leave it there.
    If it’s insured, the scene will have instructions on what you need to do, if anything.
    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


      #3
      Thanks. It is in the custodial scheme.

      I called the DPS to ask them if I need to resubmit it. The person I was speaking to did not know so had to put me on hold while he sought advice. He came back and told me the tenancy will become periodic and there is no need to do anything to the deposit. I told him the T wanted to sign a new tenancy and then he told me that in that case I would have to resubmit the deposit and prescribed info.

      Is this advice incorrect? I was not convinced he know what he was saying.

      Comment


        #4
        If the deposit remains protected throughout in accordance with the scheme, the new tenancy starting immediately on the ending of the previous one with the same tenant and same landlord on the same property, then you do not need to reserve the prescribed information. There's no harm in giving the information again. The deposit is deemed in law to have been returned at the end of the older tenancy and immediately repaid to the landlord for the new one.
        I am not a lawyer, nor am I licensed to provide any regulated advice. None of my posts should be treated as legal or financial advice.

        I do not answer questions through private messages which should be posted publicly on the forum.

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          #5
          Thanks, that makes sense. I assume there is no need to do a check out and a new check in inventory and that the original check in remains valid until the T vacates?

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            #6
            Why do you want a new tenancy agreement with them rather than letting it go periodic?

            Comment


              #7
              Originally posted by DPT57 View Post
              Why do you want a new tenancy agreement with them rather than letting it go periodic?
              It's the T that wants a new tenancy, wants the certainty of being able to stay without the possible upheaval of having to move out and find a new place while very busy at work.

              There are some advantages to the LL of renewing for a fixed term, for example, the security of knowing you will not have any potential void periods in the next 12 months (or however long the term is) and have the hassle of finding new tenants and also it is advantageous if you have a tenancy ending at a certain time of year, e.g. September is by far the easiest time to find tenants where I am so having a tenancy that expires the end of August would be ideal.

              Comment


                #8
                I think that in practice it mainly disadvantages the landlord. If their circumstances change and their rent payments become sporadic, you will be stuck with them for a long time. On the other hand if their circumstances change and they need to leave, while it is legally possible to try to enforce the contract, you may again have to deal with unpaid rent or more likely compromise and let them go. In practice the advantages for the landlord tend to dissapear. If it were me I would draw a distinction between the intention to let to them long term and the mechanism by which thats achieved and let the tenancy become periodic.

                Comment


                  #9
                  Originally posted by ABC123 View Post
                  It's the T that wants a new tenancy, wants the certainty of being able to stay without the possible upheaval of having to move out and find a new place while very busy at work.

                  There are some advantages to the LL of renewing for a fixed term, for example, the security of knowing you will not have any potential void periods in the next 12 months (or however long the term is) and have the hassle of finding new tenants.
                  Reassure the tenants that you have no intention of evicting a decent tenant and let the tenancy go periodic.

                  All of my tenancies operate like that.
                  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

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