Deposit or not ?

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  • Deposit or not ?

    Hi again. I have a HMO which I have just bought and have 11 people living there in bedsits. All have tenancy contracts that have expired ( 1 is a sitting tenant) but all the others have lived there for a few years (before the whole deposit scheme started) so I need to draw up and get them onto ASTs or is it the common law agreement? The combined rental of all lodgers is above £25k.

    Also would I need to get deposits of them or could I just issue the contract? Seems silly to ask for deposits as they've ben living there for so long? Please help, i'm confused!

  • #2
    mmm well i think i've answered my own question. Just read the common law tenancy agreement sample page. So it would apply to me and I don't need to hold deposits?

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    • #3
      depends..

      If you are going to issue each T with an individual AST, then any deposit you take will have to be registered. You may decide not to take a deposit, that's up to you.

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      • #4
        Originally posted by spicy_ View Post
        mmm well i think i've answered my own question. Just read the common law tenancy agreement sample page. So it would apply to me and I don't need to hold deposits?
        Not so. If each T has own AST, and each one is at a rate of rent not exceeding £25 000 p.a., each deposit must be protected.
        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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        • #5
          Originally posted by spicy_ View Post
          So it would apply to me and I don't need to hold deposits?
          You don't HAVE to hold deposits - they are for your protection. Did the previous owner collect deposits? If so, you are responsible for those deposits as the new LL.

          If you collect deposits now, they will have to be protected. Obviously, if you don't collect them (and there are no existing deposits) then there is nothing to protect.

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