withdrawing from DPS

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    withdrawing from DPS

    Hi All
    New to forum (and being a Landlord) so forgive me if asking a question already asked but i couldnt see a thread that was similar to my problem.
    I have recently rented my flat and set up the DPS - the tenant gave me a months deposit and also a 2 months rent in advance. i took one months as the rent for the first month and kept the second months' in the DPS with the deposit (as an additional security in case she couldnt pay in any future month, we could both agree she could use this money kept aside instead - sort of a back-up fund) as I *thought* it would be easy enough to withdraw that, and still partially retaining the rest as deposit. however now i'm not so sure i can do this. everything i've read so far about withdrawing from the DPS is about withdrawing at the end of the tenancy not at any point during (which is what i would want to do if it came to it). does anyone know if this can be done?

    also i want to check i've done everything right surrounding the DPS - can anyone please just give me a breakdown of exactly what i need to do as i find the DPS website not very helpful in giving a "you must do this, that and the other for the deposit protection scheme". i hear conflicting information about what documents need to be completed and where to get them etc.

    Thanks

    #2
    Within 14 days of receiving the deposit you should given the tenant the 'prescribed details' relating to the protection of their deposit.

    If the tenant agrees, I believe you can apply to the DPS to have any or all of the deposit amount released to you or her as agreed at any time in the tenancy - it does not have to be at the end although for obvious reasons, it usually is. Why not ring the DPS and ask them?
    '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

    Comment


      #3
      Originally posted by mind the gap View Post
      Within 14 days of receiving the deposit you should given the tenant the 'prescribed details' relating to the protection of their deposit.

      If the tenant agrees, I believe you can apply to the DPS to have any or all of the deposit amount released to you or her as agreed at any time in the tenancy - it does not have to be at the end although for obvious reasons, it usually is. Why not ring the DPS and ask them?
      The only way to release part of the deposit is to release all of it and then re-protect the balance. The 'prescribed information' template is here... https://www.depositprotection.com/We...9-6cfe30d060dd

      Comment


        #4
        Originally posted by Snorkerz View Post
        The only way to release part of the deposit is to release all of it and then re-protect the balance. The 'prescribed information' template is here... https://www.depositprotection.com/We...9-6cfe30d060dd
        Thanks, Snorkerz - precise as ever! But if you get it all out then try to re-protect some it for the same tenancy, won't it look as though you have protected it extremely late? (ie half way through the tenancy instead of at the beginning?)
        '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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          #5
          save that you would have the certificate of the original protection, and then the later protection of the smaller sum.

          LL would potentially be at risk of a claim for failure to protect during any period of non-protection. As long as LL protects the new sum before T issues court proceedings he should be ok.
          PAUL GIBBS, solicitor, Jacobs & Reeves. My comments on this forum are correct to the best of my knowledge and belief. No responsibility or liability is accepted by reason of reliance upon such comments. This disclaimer would not apply to direct clients of Jacobs & Reeves where there is a valid retainer in place and I would be happy to confirm any advice if formally instructed. . Jacobs & Reeves now offer a fixed fee possession service.

          Comment


            #6
            thanks all. rang the DPS and they said removing all then re-protecting the deposit amount will be fine.

            Comment


              #7
              Originally posted by Paul Gibbs View Post
              save that you would have the certificate of the original protection, and then the later protection of the smaller sum.

              LL would potentially be at risk of a claim for failure to protect during any period of non-protection. As long as LL protects the new sum before T issues court proceedings he should be ok.
              As far as I know you do not get a certificate for the DPS (you do for mydeposits and the TDS).
              Liability statement. My liability to you is not to exceed the amount you are paying for my recommendations or advice.

              I see a bright new future, where chickens can cross the road with no fear of having their motives questioned

              Comment


                #8
                No, but you do get an email showing the salient points.

                Comment

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