Holding the tennants bond

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    Holding the tennants bond

    Am I allowed to hold my tennants bond in my ordinary savings account?

    #2
    Do you mean their deposit? Is the property in England or Wales? Is the rent less than £100,000 per year?

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      #3
      By bond, I take it you mean Security Deposit?

      Since 2007, deposits must be protected in a scheme. I use DPS - Deposit Protection Service, which is free, and quick and easy to set up and pay deposit online. You then need to provide details of the scheme you have used, known as the "Prescribed Information" to your tenant. Deposits should be protected within 14 days of start of the tenancy.

      If you fail to protect, then need to issue a Section 21 Notice to end the tenancy in the future, this is invalid if deposit is not protected and will be thrown out by the courts when you apply for possession.

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        #4
        PS Above assumed you/the property is in England/Wales as laws in Scotland differ!

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          #5
          Yes, in england. So am I ever likely to get my property back through section 21 or will my tennants be entitled to stay for life due to my oversight?

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            #6
            Originally posted by lesleyj View Post
            So am I ever likely to get my property back through section 21?
            Yes, if you protect the deposit now and give your tenant the prescribed information. Protection with the DPS is free, the link is below.

            http://www.depositprotection.com/

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              #7
              So long as deposit is protected at the time to S21 is issued, then it is valid. I would do as above and protect it with DPS now. Infact I think they are the only ones who will acccept late protection - although I stand corrected if I am wrong.

              Just out of interest, as you appear to be a new member here, if you were unaware of deposit protection requirement, are you up to speed with all the other landlord legislation?

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                #8
                If you are trying to evict yor tenants using section 21, then I offer this simple guide to the process.... http://tenancyanswers.ucoz.com/index..._contract/0-37

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                  #9
                  Yes I am a new member. I am reading loads if info on this site trying to find my way through this minefield. I will contact DPS tomorrow.

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                    #10
                    Originally posted by lesleyj View Post
                    Yes I am a new member. I am reading loads if info on this site trying to find my way through this minefield.
                    The link below is a guide for new landlords, make sure you've got these areas covered.

                    http://england.shelter.org.uk/get_ad...ing_a_landlord

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