Unprotected DPS deposit then long delay

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  • Unprotected DPS deposit then long delay

    I unprotected a deposit online on the 10 of March 08 and today 6th of April 08 received a letter dated 31st of March saying that they had sent the deposit back to the tenant, fortunatly I only have a few DPS, but what concerns me that if this was carried out online with this has taken 3 weeks to be sent out to the tenant.

    I have muttered on here before that DPS earn their money by using the tenants deposit on the money markets and on a six month tenancy if the hold to the funds an extra 18 days they will increase the firms cash flow by 10%, surely there must be rule against this....as I can see if they get away with this, the timescales on returning the deposit will increase further.

    Anyone have any other observations about this ?
    "Better an empty property than a tenant without a guarantor"

  • #2
    Yes. Use an alternative. See http://www.landlordzone.co.uk/forums...ead.php?t=9002.
    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).

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    • #3
      Jeffery, If the L is abroad full time you have to use the DPS...as for not taking a deposit...in the real world no...only last year I had a London Solicitor did a runner owing 3 months rent and left me with 4 crying cats as a present !
      "Better an empty property than a tenant without a guarantor"

      Comment


      • #4
        Originally posted by Sportingdad View Post
        Jeffery, If the L is abroad full time you have to use the DPS...as for not taking a deposit...in the real world no...only last year I had a London Solicitor did a runner owing 3 months rent and left me with 4 crying cats as a present !
        1. Are you asserting that there is a law obliging non-UK landlords to use DPS? Please provide details.
        2. Real world: SAT and tenant-insurance-guarantee (no-deposit) work very well, where appropriate. And whoever heard of a non-local student wanting to stay in city/town of University study for an instant longer than necessary after academic year ends?
        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


        • #5
          Originally posted by jeffrey View Post
          1. Are you asserting that there is a law obliging non-UK landlords to use DPS? Please provide details.
          2. Real world: SAT and tenant-insurance-guarantee (no-deposit) work very well, where appropriate. And whoever heard of a non-local student wanting to stay in city/town of University study for an instant longer than necessary after academic year ends?
          http://www.mydeposits.co.uk/landlord...o_can_join.htm
          Does not allow non-UK Landlords, and not wanting to be a member of the time consuming and overbearing rules of the ARLA deposit scheme only leaves DPS.

          Yes, fully aware of SAT but must not be used in a "normal" let. I do like to use a Section 21 notice if the tenant is misbehaving.

          As for the "no deposit" the only "schemes" that are advertising these are not underwritten by Lloyds. I leave you to think on that ! but if you know of one please PM me.
          "Better an empty property than a tenant without a guarantor"

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