deposit liability

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    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

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