Deposit on long standing tenant.

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  • Deposit on long standing tenant.

    Hi all,
    My tenant has lived in my property for around 11 years. Each year I give him a new AST lasing 12 months. At the beginning of his first tenancy agreement, when he first moved in (around 11 years ago) I took a deposit of £675.

    Do I still have to put this deposit in a deposit scheme even though I received it many years before the scheme was introduced?

    Any help gratefully received.

  • #2
    Originally posted by new_fred View Post
    Hi all,
    My tenant has lived in my property for around 11 years. Each year I give him a new AST lasing 12 months. At the beginning of his first tenancy agreement, when he first moved in (around 11 years ago) I took a deposit of £675.

    Do I still have to put this deposit in a deposit scheme even though I received it many years before the scheme was introduced?

    Any help gratefully received.
    It would be wise to put it into a scheme, since you are issuing new agreements it could be argued that you are in breach of the law.
    I offer no guarantee that anything I say is correct. wysiwyg

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    • #3
      Yes, legally it should be protected, since you have issued new ASTs. (Had you allowed a pre-April 2007 agreement to become periodic, it would not have been necessary).

      Protect it, quick!
      'Pause you who read this, and think for a moment of the long chain of iron or gold, of thorns or flowers, that would never have bound you, but for the formation fo the first link on one memorable day'. Charles Dickens, Great Expectations

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