Do I have a right to hold the deposit?

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  • Do I have a right to hold the deposit?

    Hi,

    I am registered with mydeposits.co.uk.

    I have recently let my flat through an agent and stated that I wanted to retain the deposit during the tenancy. Unfortunately I did not put this in writing nor amend the Tenancy Agreement to reflect this.

    I have just spoken to the agent who said they are holding the deposit using the scheme they are registered with and I had no right to retain the deposit.

    The agent said they would give me the deposit if the tenant consented to this and let them know in writing. I spoke to the tenant and he said he would rather have the deposit held in the scheme used by the agent.

    Do I have a legal right to retain the deposit?

    What have I paid mydeposits.co.uk for if I have no legal right to retain the deposit??????

    Any advise would me much appreciated.

  • #2
    The point is, your agent is just that, YOUR agent. They should work as if they were an extension of you!
    You are well within your rights to request the deposit is held as per your instructions.
    If your agent is not upto date on the terms of agency law, then I would suggest you change them!

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    • #3
      mydeposits.co.uk is an insurance based scheme which allows the landlord to hold the deposit. The DPS works in a different way and they hold the deposit. Both schemes are lawful and its upto you as landlord which you use. Your agent has no right to hold the deposit, either they let the DPS hold it or they let you register it with mydeposits.co.uk If your agent starts saying they have a responsibility to ensure the deposit is protected, then all you should have to do is to provide your membership details to mydeposits.co.uk

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      • #4
        They are your agents, so I assume they take instructions from you? If they are more trouble than they are worth, get them to transfer the mydeposit.co.uk funds into your name.

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