We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
how to protect a holding deposit?
yanabh23
Posts: 2 Newbie
Hi, sorry for silly question, but there is no answer found online.
As a landlord I have to protect a deposit in 14 days in 1 of 3 schemes, I am going for a free DPS. I have read other LL say not to take a holding deposit, but i would preffer if I stop viewing my flat.
So if I take a holding deposit and start to check the references, how do I protect this one? I've read here that DPS doesn't take stages of the deposit.
And if anyone can explain the differences in tenant ref and credit check, please. I know i can do it on tenantverify, there are 2 options - basic and comprehensive search. Is it enough for tenant checking? Is it a big difference between searchs?
I appreciate your time.
As a landlord I have to protect a deposit in 14 days in 1 of 3 schemes, I am going for a free DPS. I have read other LL say not to take a holding deposit, but i would preffer if I stop viewing my flat.
So if I take a holding deposit and start to check the references, how do I protect this one? I've read here that DPS doesn't take stages of the deposit.
And if anyone can explain the differences in tenant ref and credit check, please. I know i can do it on tenantverify, there are 2 options - basic and comprehensive search. Is it enough for tenant checking? Is it a big difference between searchs?
I appreciate your time.
0
Comments
-
Join up to a LL association - tax deductable membership fees, reduction on LL insurance premiums and lots of valuable guidance on these sort of issues. Experienced Ts know how to run rings round inexperienced amateur LLs and your research into your legal obligations as a LL should begin long before you even think about adversting the property.
The holding deposit is not a "tenancy deposit" so does not need registration as such but it simply muddies the waters: holding deposits are a total waste of time and if you do things properly there is no need for one. Most Ts who have coughed up for a credit/referencing check, and provided all the personal information that is required for that to be carried out, are unlikely to change their minds about the property at the drop of a hat.
Tenant referencing includes identity checking, and taking up references from employers and previous LLs - credit checks are a check against the T's financial history on things like late payments and CCJs0 -
Thanks a lot and I am not advertising my property
so I am on a right way!!! Sorry I mixed up a question about tenant check - I was on about - a credit check on its own can be basic or comprehencive, offered by a company. Is there a difference? I have read through the theory stuff but need to apply it in practice now. Do I take the money from the tenant for verifying? Or can I try to google search and phone myself? Do these companies do something special that I can't do myself? 0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards