Is it normal for LA to mange the deposits if not managing the property?

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    Is it normal for LA to mange the deposits if not managing the property?

    Hi

    I would be grateful for your advice.

    LA found me 6 tenants. I asked which scheme it was using for the deposits and LA said Deposit Protection Service. I told her that I had a DPS ID and so it was better I transfer them in case LA goes bust. I have asked LA for proof that the deposits are in the DPS but nothing has been forthcoming.

    Is it normal for agents to manage the deposits when not managing the property? What specific proof do I need to ask the agent for?

    From my understanding, you can transfer deposits between agents/IDs on the DPS website and so maybe I should push for this?

    Many thanks.

    #2
    It is normal for agent to keep deposit if it is protected with TDS or My|Deposits, On let-only it is usual for DPS deposits to be handled by the landlord, because the agent won't want the hassle of deposit return issues at the end of the tenancy (because they're not getting paid).

    You can check at www.depositprotection.com to see if your tenants deposit is already protected.

    It is certainly possible for the agent to transfer the deposit from his DPS account to your own (I have done it). As you are the agents principal, he has a common law duty to obey your lawful instructions, and I am sure transfering the deposit into your account would come under that.

    Comment


      #3
      Many thanks for such a prompt and helpful reply! I will ask the agent to transfer the deposits to my ID to avoid any future hassle.

      Comment

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