Renting + Deposit - Quick lookover terms

Notlob

huntersc wrote: »

Thanks all

I have checked and apparently, in their own words,

"IMPORTANT

This Agreement and is not subject to the Housing Act 1988 (as amended by the Housing Act 1996) and the tenancy hereby created is NOT an Assured Shorthold Tenancy"

I guess that changes things?

I did the check on Shelter's site and according to the answers I gave it should be an ASL. Perhaps this is an old contract or something.

I am curious,

Is the TA in your name?
Is the rent under £25k PA, if so, what is the rent?
Will the LL be living in the property as well?
Will this property be your main place of residence?

Notlob

huntersc

Notlob wrote: »

I am curious,

Is the TA in your name?
Is the rent under £25k PA, if so, what is the rent?
Will the LL be living in the property as well?
Will this property be your main place of residence?

Notlob

Is the TA in your name?
Yes

Is the rent under £25k PA, if so, what is the rent?
No, it's £40800

Will the LL be living in the property as well?
No

Will this property be your main place of residence?
Yes

Now I've written it down I'm guessing that because it's over £25k PA I can't have an AST?

Notlob

huntersc wrote: »

Now I've written it down I'm guessing that because it's over £25k PA I can't have an AST?

Correct, as such, deposit protection legislation does not apply.

Where deposits are held as stakeholder, the agent must consider both tenant and landlord's views when assessing dilapidation issues and should not apply deductions without joint agreement. However, if after much discussion there is no meeting of minds, the agent can override objections and proportion the deposit as it deems proper, but is then accountable for its decision.

Notlob

huntersc

Notlob wrote: »

Correct, as such, deposit protection legislation does not apply.

Where deposits are held as stakeholder, the agent must consider both tenant and landlord's views when assessing dilapidation issues and should not apply deductions without joint agreement. However, if after much discussion there is no meeting of minds, the agent can override objections and proportion the deposit as it deems proper, but is then accountable for its decision.

Notlob

My worry is that the estate agent goes under holding onto £7k of my money. With the way things are in the market I could see it happening.

Notlob

huntersc wrote: »

My worry is that the estate agent goes under holding onto £7k of my money. With the way things are in the market I could see it happening.

As Clutton posted earlier, agents holding tenancy deposits do so on behalf of the LL, therefore, if agent goes bust or deposit embezzled by agent, the LL is still liable.

Suggest you see if agent is a member of any associations. ARLA require member agents to hold deposits in client accounts and they also operate a client money bonded scheme.

Notlob