Deposit Transfer?

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  • Deposit Transfer?

    Hi

    We are going to view a new house with our current letting agent. If we like the house and decide and agree to move in, is the letting agent allowed to transfer the deposit over to the new house and is it a case some will some wont?

    Thought i would ask so i know what to expect

    The letting agent represents the landlord on our current property and of course the deposit is DPS!

    Thankyou

  • #2
    Is there a reason that you don't simply ask the agent?
    Allow tenants to protect their own deposits. I want free money when they do it wrong

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    • #3
      LA would have to wait for LL & checkout. Any T damage & arrears will be deducted from deposit before return. New LL will require deposit in advance. If LA is working for both LLs protecting both deposits, then maybe, but many LLs are becoming more cautious about letting LAs protect deposit, as should Ts. Best you have funds for new deposit & 1 month rent in advance and wait for return of current deposit. Less potential for confusion alround, though a drain on your funds, less complicated for LA & LL IMO.

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      • #4
        Originally posted by thesaint View Post
        Is there a reason that you don't simply ask the agent?
        Yes were trying to ascertaion the budget we need before go for the house. If it worked right it would mean we could move quicker!

        The Letting agent is working for both landlords. Although now I think maybe its best just to sort a new deposit out and if they transfer then thats a bonus. If not ill have some money to spend on the house after weve moved!!! Thankyou both

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        • #5
          Originally posted by Nutrance View Post
          Yes were trying to ascertaion the budget we need before go for the house. If it worked right it would mean we could move quicker!
          The official way works out longer and more expensive.
          Ask the agent, as they may do it the quick way for you.
          Allow tenants to protect their own deposits. I want free money when they do it wrong

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          • #6
            Your current deposit is held for the protection of your current landlord.

            I can not see a new landlord agreeing to wait until the current landlord has acertained any deductions before accepting whatever is left for his protection. Once you are in the new property, there is little a landlord can do to 'force' you to top up the deposit. That's probably too much of a risk for most landlords.

            Maybe friend or family could lend you the new deposit and you repay it when you get your current deposit back.

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