Prescribed Information Clarification

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    Prescribed Information Clarification

    Hi Everyone

    I was just wondering if a letting agent does a tenant find on your behalf, and collects and lodges the deposit in their name, whose responsibility is it to send the prescribed information to the tenant?

    Also what would be the consequences if this was not done by either agent or landlord?

    Many thanks

    #2
    Why would a agent collect and lodge the deposit in their name for a tenant find only service?
    They have no ongoing dealings with the tenancy.
    Allow tenants to protect their own deposits. I want free money when they do it wrong

    Comment


      #3
      I have used 2 different letting agents in the past, and they have both done this. I guess it is so they as a point of contact remains, so they can charge to re-new the ast, and doing the check out etc.

      Comment


        #4
        Originally posted by nessa View Post
        I have used 2 different letting agents in the past, and they have both done this. I guess it is so they as a point of contact remains, so they can charge to re-new the ast, and doing the check out etc.
        Why for a "Tenant find only"?
        Allow tenants to protect their own deposits. I want free money when they do it wrong

        Comment


          #5
          One of my agents has a policy of lodging the deposit in their own insurance protected scheme. Although they only find me tenants they still do this - but would be perfectly happy to remit the deposit to me for protection if I wished. However, they claim to make a little on the investment, take care of the prescribed information requirement (which is standard text in their AST), so I let them get on with it. At the end of a tenancy, they briefly get involved again dealing with the deposit refund - at no extra cost to me.

          P.P.
          Any information given in this post is based on my personal experience as a landlord, what I have learned from this and other boards and elsewhere. It is not to be relied on. Definitive advice is only available from a Solicitor or other appropriately qualified person.

          Comment


            #6
            Thanks PP - I was starting to think all the letting agents around here were odd

            As well as doing the ast, prescribed inf, and a s21, they also do the inventory too.

            Is the inventory done for you PP, and if so, how does that all work?

            Comment


              #7
              These agents do everything that I require. Being an experienced landlord I have established very firmly what I want my agent to do for me, and in exchange for their one-off fee per tenant, they have thrown in some unexpected extras. Apart from advertising, organising viewings, interviewing potential tenant and organisng the AST they also take the inventory and, as I have said, handle the deposit. Then I take over. It works well for me and their fee at a little over one month's rent is, I think, fair and reasonable. They also make a little out of the tenant in the form of interview and reference fees. I'm very happy with the service I receive.

              P.P.
              Any information given in this post is based on my personal experience as a landlord, what I have learned from this and other boards and elsewhere. It is not to be relied on. Definitive advice is only available from a Solicitor or other appropriately qualified person.

              Comment


                #8
                I register all deposits unless a landlord provides proof that he is a member of a scheme himself.
                Different agents have different policies though- most charge a fee for the admin - but you'd have to check with them

                Comment


                  #9
                  I fail to see why agents need to obtain proof that a landlord is registered with a deposit protection scheme. Advise him that this is necessary, yes but if he askes for the deposit, let him have it. He is responsible for it and to his tenant if he doesn't do the correct thing. Why do some agents have to be so "nannyish"? Some time ago, I was (for various complex reasons) obliged to use a different agent to find me a tenant for one of my properties. He announced all sorts of fees for looking after my new tenant's deposit. He did not complain when instructed to send it to me and of course I promptly bunged it into the DPS. The prescribed information is a quick print off from my computer. Fee saved, job done!

                  P.P.
                  Any information given in this post is based on my personal experience as a landlord, what I have learned from this and other boards and elsewhere. It is not to be relied on. Definitive advice is only available from a Solicitor or other appropriately qualified person.

                  Comment


                    #10
                    Originally posted by P.Pilcher View Post
                    I fail to see why agents need to obtain proof that a landlord is registered with a deposit protection scheme. Advise him that this is necessary, yes but if he askes for the deposit, let him have it. He is responsible for it and to his tenant if he doesn't do the correct thing. Why do some agents have to be so "nannyish"? Some time ago, I was (for various complex reasons) obliged to use a different agent to find me a tenant for one of my properties. He announced all sorts of fees for looking after my new tenant's deposit. He did not complain when instructed to send it to me and of course I promptly bunged it into the DPS. The prescribed information is a quick print off from my computer. Fee saved, job done!

                    P.P.
                    I insist on this as soon as I handle cash from a client I believe I have a care of duty to them. I've had a couple of LL who have been caught out i the past not reqistering it. As for your agent and charges - DPS is free so I see no need to charge additional amounts as you said 30 seconds later and its protected..... I see it as an assurity I'm not going to be running around 6 months later trying to clean up.

                    Comment


                      #11
                      Let's see. If I could not find my own tenants (which I can), an agent would charge me a tenant-find fee of about £300. The students would also be charged £600 to be put in touch with me.

                      So, for £900, if an agent didn't offer a few extras such as protecting the deposit, telling the students to tell their parents to fill in and return the Guarantor Deed, printing off a standard tenancy contract with the tenants' names inserted in the appropriate spaces and gettingtenants and LL to sign said contract...what exaclty would they be doing for that £900?

                      I suppose it must physically and mentally exhausting sitting in an office waiting for six students to come through the door desperate for a house, then making one phone call to the LL to arrange a viewing for them. Most of us would be worn out. Don't know how agents cope with the pressure
                      '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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