Letting agent is bankrupt

markmh

i got a letter this morning saying that my letting agent is no longer registered with the tenancy deposit scheme (TDS) and from the 3 of September 2010 my deposit will no longer be covered by the TDS.

I called the landlord who said the letting agent has gone bankrupt and that he is meeting a new agent on tuesday to take over his properties.

my question is

how do i get my money back from the TDS before the deadline of 3/9/2010?

can i cancel the contract with my letting agent while they are bankrupt and claim back the deposit from the TDS?

will i end up being put on a creditors list for the bankrupt company?

can a new agent assume the deposit under the TDS?



thanks

mark

moromir

markmh wrote: »

how do i get my money back from the TDS before the deadline of 3/9/2010?

You don't, this is your Landlord's responsibility. (I'm not familar with the TDS, I assume this the one where they hold the money rather than the Landlord (or his agent)?)

markmh wrote:

can i cancel the contract with my letting agent while they are bankrupt and claim back the deposit from the TDS?

You don't have a contract with your letting agent. You have a contract with your Landlord.

markmh wrote:

will i end up being put on a creditors list for the bankrupt company?

No, the Landlord is responsible for reimbursing your deposit and it is him who will need to reclaim the money from the bankrupt letting agent, not you.

markmh wrote:

can a new agent assume the deposit under the TDS?

I don't quite follow this question but if you're asking if a new letting agent can protect your deposit part way through a contract, yes.

BitterAndTwisted

Your contract is not with the letting agent although you might have negotiated with them: your contract is with the landlord. The agent was acting on behalf of the landlord and not in their place. In your position I would leave it to your landlord to appoint new agents and look to your landlord to ensure that your deposit is protected in one of the official schemes. The deposit you paid over to the original agents was taken on behalf of the landlord and it's the landlord you should be looking to for its return at the end of the tenancy.

G_M

I'm not 100% sure of the process but as a start I'd advise contacting TDS for advice. However:

You have no contract with the agent - the LL does.
The money in TDS is yours, or the LL's (if you damage the property) NOT the agents.
If the LL appoints a new agent, I would imagine the deposit will simply be transferred to their name (check with TDS).

Who do you pay your rent to? Landlord or agent? If agent, stop!

I would also contact your LL to discuss a) rent payment (if you currently pay the agent and b) deposit - it is HIS legal obligation to protect your deposit, and indeed, it is HIS obligation to return it at the end of the tenancy, irrespective of whether his agent has gone bankrupt or not. the agent, remember, is only acting on his behalf.