Tenancy Deposit Scheme - AST Wording

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    Tenancy Deposit Scheme - AST Wording

    Sorry if this has been asked many times, but have searched and not found anything.

    I am in the process of issuing a new 6 month AST, instead of going periodic, and am aware that I will have to lodge the deposit and will use the Deposit Protection Scheme.

    I have downloaded the custodial forms, from Propertyhawk,to hand to the tenant. But just wanted to ask if anyone could advise me of any "standard" clauses to insert in my AST to replace the current wording which states I hold the deposit. Or if you could point me in the direction of any other info.

    Thanks

    #2
    I would suggest "A security deposit of xxx is to be paid on or before the signing of this agreement to be held by the landlord in accordance with current legislation."

    Would that be suitably clear and yet suitably vague, or is there a better way to put it? Perhaps the word "FOR" instead of "BY"?

    Comment


      #3
      Originally posted by Surrey View Post
      I would suggest "A security deposit of xxx is to be paid on or before the signing of this agreement to be held by the landlord in accordance with current legislation."

      Would that be suitably clear and yet suitably vague, or is there a better way to put it? Perhaps the word "FOR" instead of "BY"?
      We thought along the same lines as Surrey and use the following words in our AST,
      The deposit shall be held by the Landlord or Agent as stakeholder and shall be protected as required by statute, details of such protection will be forwarded to the Tenant within 14 days.
      We then do a separate s213 notice with details of the prescribed information.
      On some things I am very knowledgeable, on other things I am stupid. Trouble is, sometimes I discover that the former is the latter or vice versa, and I don't know this until later - maybe even much later. Because of the number of posts I have done, I am now a Senior Member. However, read anything I write with the above in mind.

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        #4
        Originally posted by Esio Trot View Post
        We thought along the same lines as Surrey and use the following words in our AST, We then do a separate s213 notice with details of the prescribed information.
        I would omit "or agent". The AST involves only L and T. The agent is not a party.
        After "statute", I would re-word it to read, "and the landlord shall forward to the tenant (within fourteen days of receiving any deposit) the statutory details required by s.213 of the Housng Act 2004".
        JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
        1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
        2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
        3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
        4. *- Contact info: click on my name (blue-highlight link).

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          #5
          Thanks very much for all your replies - much appreciated

          Comment

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