Repaying Tenancy Deposit Early

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  • Kape65
    replied
    Hi, the deposits are all protected in the proper way, and I know it may seem stupid to return them but I intend to run all future lettings without deposits. I just think they're a waste of time to be honest, I've been letting properties for 17 years and have never needed to keep a single penny of a single deposit in all that time. With all the hoops to jump through these days I think it's one less hoop to deal with. If the SHTF I'm only protected to the tune of about £600 per tenancy and I figure I'll have to fight to get any of that!

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  • jpkeates
    replied
    It's possible the scheme terms and conditions may get in the way, but there's nothing else to stop a landlord simply returning a tenant's deposit before the end of the tenancy.
    Make sure its clearly documented what you're doing as it will conflict with what the tenancy agreement says.

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  • mariner
    replied
    Is the OP saying the deposits have never been protected in an Approved Scheme?
    If so, returning deposit now will not protect him from any non-protection Penalty IMO.

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  • ram
    replied
    WHY ?

    Deposits are normally a backup for any damage to be rectified after the tenant leaves. So don't throw that away.

    Suggest you write new tenancy agreements, and increase the deposit to cover yourself if the deposit is not enough, as clearly the deposit is not enough.
    I think you can ask for the deposit to be returned, and get signature that tenants have received the deposit back, and that no deposit will be asked for, or has been received, therefore proof you have no deposit, and keeps you in the clear.
    No deposit, therefore no need to use a deposit agent. Therefore you are legal.

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  • Kape65
    started a topic Repaying Tenancy Deposit Early

    Repaying Tenancy Deposit Early

    Hi all, is it possible to arrange repayment of a protected deposit whilst the tenancy is still running? I have a number of tenants on periodic tenancies that have been in the properties for nearly 9 years without
    any hassle or missed rent. In fact the original deposits seem quite paltry now so I was wondering if they could be repaid early.

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