deposit liability

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • deposit liability

    I have been asked to take over some landlords (privatley) from a letting agents that is going into liquidation. How does it work? Will I be liable for deposits when the sitting tenants leave? As much info as possible would be very much appreciated!

  • #2
    Why have you been asked to take them over? Do you have any experience of what is required as an agent?
    Mrs Jones
    I am not an expert - my posts are my opinion and should not be taken as fact!!

    Comment


    • #3
      Originally posted by tonyanddani View Post
      I have been asked to take over some landlords (privatley) from a letting agents that is going into liquidation. How does it work? Will I be liable for deposits when the sitting tenants leave? As much info as possible would be very much appreciated!
      Is the intention that you (as a Letting Agent) should arrange:
      a. to take-over from the existing agent (X) the existing Agency Agreement between X and L; or
      b. for the 'X and L' Agreement to be replaced by a new one between you and L?
      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


      • #4
        deposit

        Mrs Jones, Yes, I was an employee of the letting agent so I know the ins and out of the properties and the business.

        Jeffrey, I will set a new agreement up with the tenants and landlords, but obviously there is the matter of the current deposits, who is liable if the current agent goes into liquidation and loses all the deposits? Are they safe if they are registered with DPS???

        Thanks.

        Comment


        • #5
          Deposits: why not just ask DPS?
          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


          • #6
            some deposits are possibly not registered, if that is the case what are the implications for me? as in who is liable?

            A the landlord of the property

            B the agent who took the deposit or

            C myself if i become the agent of the property (obviously with a new contract in my name)

            Comment


            • #7
              You're not, as you were not L's agent at the time when L or X received a deposit and should have protected it.
              If X pays-over to you an existing deposit which X failed to protect, I imagine that you'd now have to do so.
              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

              Latest Activity

              Collapse

              • This is a NO isn't it? Seems iffy to me, what do you think?
                Berlingogirl
                This is a NO isn't it? Seems iffy to me, what do you think? Any insights? My ad is on Gumtree.



                "Hello, I'm A***** a British America Business man, I have a business project in your area and I'll like to rent your apartment for the period of 6 month and I'll like to know...
                27-07-2017, 13:57 PM
              • Reply to This is a NO isn't it? Seems iffy to me, what do you think?
                Berlingogirl
                I'm trying to , jta, but I think he knows I know....
                27-07-2017, 20:16 PM
              • Extremely anti-social and criminal tenant -Section 8
                BouwensPB
                I have an extremely anti-social and criminal tenant. My neighbours think she is possibly a sex worker and drugs abusing and dealing. She has made a witnessed and CCTV sited assault on one neighbour and has verbally abused others. 3 crimes have been reported and the local authority talk about making...
                26-07-2017, 16:09 PM
              • Reply to Extremely anti-social and criminal tenant -Section 8
                Wright76
                You are also aware you are now liable to pay her a penalty of up three times the deposit value?.

                My experience of a drug addict is that they will leave with a financial offering.

                Strike a deal taking into account your likely penalty and eviction costs and offer her an amount...
                27-07-2017, 19:10 PM
              • Reply to Extremely anti-social and criminal tenant -Section 8
                theartfullodger
                Check insurance for what you must do knowing what you do....
                27-07-2017, 19:00 PM
              • Tips for making a good impression when meeting a landlord
                purpleangel
                Our potential new landlady has 'approved us in principle' but wants to meet us at the house as the final part in the referencing process. Beside the obvious such as look smart, tidy and professional and warn the kids to behave, any particular tips for making sure this last hurdle goes smoothly?
                26-07-2017, 10:11 AM
              • Reply to Tips for making a good impression when meeting a landlord
                Wright76
                Some of the above comments are crazy!. If they have aleady done their referencing and credit checks then they likely just want to meet you.

                As someone said above, they are trusting you with their very valuable asset.

                As a landlord I couldn't care less what clothes someone...
                27-07-2017, 19:00 PM
              • Landlord Address
                bsward
                Hello,

                Tenancy finished a couple of months ago. The landlord withheld part of the deposit for a variety of reasons. As the tenant, I disputed those deductions as incorrect - they contradict the Checkout Report which was completed by an agent of the Landlord but that's besides the point....
                27-07-2017, 09:58 AM
              • Reply to Landlord Address
                theartfullodger
                As the tenancy has finished you have no right to his address from agent.

                Have you spent £3 with land registry to get deeds of property & see who is listed as owner & what address?? (Landlord may not be owner... legal, no very uncommon...)
                https://www.gov.uk/search-propert...
                27-07-2017, 18:59 PM
              • Tenant's energy debt.
                Gordonmrln
                I am a landlord of a 2 bed end terrace, the property is owned out right. I am registered Disabled and this was the main reason I decided to rent my property out. As it was not a suitable property for my Disability. I would have to make some major changes that would devalue my property like installing...
                20-07-2017, 22:08 PM
              Working...
              X