What happens to the tennants deposit?

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    What happens to the tennants deposit?

    Yesterday I let my property through a letting agent, the tenant says they charged him 6weeks rent as a deposit plus the first months rent plus £200 for referencing and tenancy agreement. They also charged me 1months rent plus vat. The tenant plans to stay for the long term and has a 12month tenancy as the sole tenant, in England starting 23/04/2015 paying monthly, Its a 1 bedroom flat and he will be the only one living there. I plan to renew the tenancy next year by simply copying the original one and not using the estate agent, can I do this and what will happen to the deposit as the estate agent took it

    #2
    You would need to check your agreement with the agent, but I would be amazed that they hadn't considered the possibility.

    You can't legally copy the agents document either (not that i can imagine that would be a huge problem for you.)
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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      #3
      You can protect the deposit, and deal with the legal requirements yourself.
      Allow tenants to protect their own deposits. I want free money when they do it wrong

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        #4
        The estate agent should have protected it within 30 days and send prescribed information to tenant - ensure this is done!!

        After it ends, depending on your agreement with the letting agent, if you can get out of it then there are plenty of tenancy agreements templates on the web and just ensure deposit remains protected.
        These are my personal opinions and specific legal advice should be sought

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          #5
          I would add to that - be prepared that the tenant does not want to stay after 1 year or even earlier - is there a 6 month break clause?

          Tenants rarely do what they say.



          Freedom at the point of zero............

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            #6
            Just in case you don't know - there is no need to renew the tenancy agreement - you don't need to issue another one after 12 months - you can let it just roll over onto whats called a periodic agreement.

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              #7
              Yes, but then it would become SPT, with no additional fixed term and much shorter Statutory Notce periods for T & LL, but I agree, allowing SPT may be best for all concerned after 12 month fixed term. If both Parties are happy, the T can continue; but just check Contract whether LL may be resp to LA for same T 'renewal' fees. Some LA's still try this,even though orig TA still exists as SPT.

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                #8
                Well, the T has been living in my flat for a few years now and there have been no major hiccups, totally managed by me, still unsure about the deposit but he says he is staying indefinitely so we'll worry about that when the time comes. Does anyone know if sharman quinney are good with deposits

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                  #9
                  Originally posted by sporter82 View Post
                  Does anyone know if XXXX are good with deposits
                  They are YOUR agent. Ask them what the situation is with the deposit. They are required to tell you.

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                    #10
                    I would suggest you deal with the deposit yourself as you will be liable to the tenant if they make a mistake, (which is easily done)

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                      #11
                      Not knowing where the deposit is or if it has been properly protected could prove to be an expensive mistake.

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