No deposit?

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    No deposit?

    I have a long-standing tenant who has been 100 per cent reliable.
    His tenancy is up for renewal this month and I was wondering if it was possible to return his deposit and not take one for the new tenancy. Is this allowed, so I don't have to go through the administration of registering for the new deposit scheme intro'd in April?

    #2
    Originally posted by Bald Richard View Post
    I have a long-standing tenant who has been 100 per cent reliable.
    His tenancy is up for renewal this month and I was wondering if it was possible to return his deposit and not take one for the new tenancy. Is this allowed, so I don't have to go through the administration of registering for the new deposit scheme intro'd in April?
    Returning a deposit is never the problem, unlike not returning it.
    There is no obligation to demand a deposit, either, so you should be OK.
    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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      #3
      You legally arnt required to take a deposit but do you really want to take the risk? Ok, deposit registration is a bit time consuming but its free and its far better to have a depsoit than non at all - even the most reliable of tenants can change and I think for your time involved you might be glad of keeping the deposit should you ever have a problem. Also, the lack of a deposit might be seen as a green light to leave a property messy or dirty etc when your tenant vacates

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        #4
        why not just let is run on a periodic basis??

        Comment


          #5
          Originally posted by Poppy35 View Post
          why not just let is run on a periodic basis??
          This reply, whilst true, does not deal with wish to refund deposit.
          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).

          Comment


            #6
            Originally posted by jeffrey View Post
            This reply, whilst true, does not deal with wish to refund deposit.
            The landlord indicated that they don't want to go through the hassle of the administration of registering for the new deposit scheme if he issues a new AST.

            A solution he may not have considered is that he doesn't issue a new AST and let it become a periodic tenancy. Therefore he doesn't require to go through TDS and can retain the original deposit to protect himself against risk.

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              #7
              Thank you Poppy and Beeber

              A periodic tenancy is exactly the solution. But how do I increase the rent in the future if I have a periodic tenancy. Do you then have to issue a new AST?

              Comment


                #8
                Originally posted by Bald Richard View Post
                Thank you Poppy and Beeber

                A periodic tenancy is exactly the solution. But how do I increase the rent in the future if I have a periodic tenancy. Do you then have to issue a new AST?
                No. Use Notice under s.13 of 1988 Act (unless AST itself contains a rent increase mechanism).
                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).

                Comment

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