Do I inherit the Tenancy Deposit Protection Scheme from the letting agent?

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    Do I inherit the Tenancy Deposit Protection Scheme from the letting agent?

    Hello all.

    I am considering buying a BTL property with a tenant already present who we want to remain.
    I understand that I inherit the tenant and the Tenancy Agreement (which is great), but we are considering dropping the letting agent (who are also the selling agent and already making noises about extending the Tenancy Agreement ect),

    I am assuming that all paperwork including the EPC, GSC, Tenancy Agreement, Condition Inventory and all info pertaining to the tenant (checks references ect) pass to us on completion. However, I am unsure as to whether we need to get a new Tenancy Deposit Scheme and have the letting Agent pass the deposit to our TDS or whether we "inherit" the TDS as well - so there is no nee create a new one.

    Also will we expect to pay the letting agent an admin fee for all this?

    Any advice for new landlords inheriting tenants welcome.

    #2
    IMO you need to create a new DPS account in your name and get current holder (LA) to transfer deposit direct to your account, before dispensing with his services (and provide any other paperwork he holds)
    I would also provide T with new PI, and any other documentation currently required for deposit protection eg Right to Rent booklet
    Don't forget s48, stating you are new LL, and provide new 'address for Service of Notices' and bank details for receipt of rent.
    Send all letters to T via First Class pre-paid post and get free Cert of Posting from PO counter clerk.

    Comment


      #3
      None of the selling landlords contracts and agreements with the agent transfer unless you all agree that they do.
      If you're planning to drop the agent, you can assume that they're not going to be falling over themselves to help.

      The deposit and all the other paperwork should be transferred formally as part of the purchase - meaning the selling landlord needs to sort out all the paperwork, not you.

      You should already have the EPC if you're buying the property.
      You won't get the references and credit checks.
      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).

      Comment


        #4
        Just because the paperwork shows an AST doesn't mean it is. If tenant moved in early enough it could be an AT or rent act tenancy.

        Unless you have some proof independent of seller & his agents (eg date the place built quite recent) then ask tenant when he moved in before doing anything else...
        I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

        Comment

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