Tenancy deposit help.

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    Tenancy deposit help.

    Hello. I am a Landlord, and have a small number of properties, one of them is currently rented out and the agreement is due to expire soon. The deposit isn’t protected, because the agreement was made before the 6th April 2007. What I want to know is the following:

    The tenant is quite a difficult person to contact. What if he agrees to renew verbally, but then it takes, say for example three weeks for him to come and to sign the agreement? Do I have to protect the deposit regardless? Or does the deposit have to be protected when he actually signs, regardless of how long it takes?

    I have read on a few other sites that the tenant has to be informed that his/her deposit is being protected, the providers name etc. Can this be done verbally, or does it have to written, or a signed form that both parties have to sign? Is it a MUST that this ‘information’ is given to the tenant within 14 days of protecting the deposit, or can it be given after?

    If the current tenancy agreement expires, and the tenant is still occupying the property, does the deposit have to be protected?

    Are there any alternatives? Like an insurance scheme that would cover me if the tenants caused damage to the property?

    Apologies in advance if any regulars here have had to answer similar questions again and again, and all help is much appreciated!

    #2
    If existing letting pre-dated the DPS rules, and if no new letting is contractually granted but T holds-over, the deposit for this statutorily-continued tenancy does NOT need protecting.
    JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
    1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
    2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
    3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
    4. *- Contact info: click on my name (blue-highlight link).

    Comment


      #3
      Originally posted by yaflaminmongrels View Post
      The tenant is quite a difficult person to contact. What if he agrees to renew verbally, but then it takes, say for example three weeks for him to come and to sign the agreement? Do I have to protect the deposit regardless? Or does the deposit have to be protected when he actually signs, regardless of how long it takes?
      You only need to protect it if a new agreement is created. A new agreement is not created until T has signed. You have 14 days from then.

      I have read on a few other sites that the tenant has to be informed that his/her deposit is being protected, the providers name etc. Can this be done verbally, or does it have to written, or a signed form that both parties have to sign? Is it a MUST that this ‘information’ is given to the tenant within 14 days of protecting the deposit, or can it be given after?
      Try the Housing Act 2004, S213(5) & (6) (http://www.opsi.gov.uk/Acts/acts2004...pt6-ch4-l1g213)

      The information needs to be given in writing, you need to get T to sign to say he's received it, and it MUST be done within 14 day of the new contract being signed (not 14 days of when you protect the deposit).

      If the current tenancy agreement expires, and the tenant is still occupying the property, does the deposit have to be protected?
      No. The tenancy is then periodic.

      Are there any alternatives?
      Yes: http://www.landlordzone.co.uk/forums...ad.php?p=64104

      Like an insurance scheme that would cover me if the tenants caused damage to the property?
      Yes: e.g. www.maras.co.uk/

      Peter

      Comment


        #4
        Hello, and thanks for your reply!

        What if, say for example a tenancy expires on 1st April, but the tenant comes to see me to sign the agreement on the 14th May, does the agreement have to begin from 14th May or when the original expired?


        I just read the link, (thanks for that) well a quick browse really, it doesn’t say on there that this information has to be signed? Unless I have missed it?
        What if the tenant doesn’t sign within 14 days of signing the contract, for whatever reason? But he/she is made fully aware (verbally) about where the deposit is going?

        Comment


          #5
          Just to simply things a little: If you decide to renew your tenancy agreement by issuing your tenant with a new one, then his deposit must be protected within two weeks of the new agreement coming into force. If however you do nothing, his old agreement becomes a 'statutory periodic' one - the terms and conditions remain the same, he can leave if he gives you a month's notice and you can get him out unconditionally provided, with certain restrictions, you give him over two months notice. You can also increase the rent and the deposit does not need protection.

          The choice is yours!

          P.P.
          Any information given in this post is based on my personal experience as a landlord, what I have learned from this and other boards and elsewhere. It is not to be relied on. Definitive advice is only available from a Solicitor or other appropriately qualified person.

          Comment


            #6
            Thanks for your reply P.P! I would prefer a fixed contract, for peace of mind.

            A side question: Would it not of been better for government to make it the law that an indepedent inventory clerk has to create an inventory, then check the inventory on site with the tenant and landlord, then do the same when the tenant moves out, and try to improve the courts a little?

            Comment

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