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New Landlord Deposit Rules
Comments
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This is certainly turning into an interesting thread.
This thread has been interesting ever since I graced it with my presence.:DThe agent told me that I needed to sign some sort of certificate to enable them to protect my deposit. It seems to me that all I need to do is refuse to sign it, refuse to pay them there £50 and then stick the renewal agreement, signed which takes effect on 7 April in there face and say "Thats not ieeeet"
There is no requirement that I know of that requires the tenant to sign.
I suspect that they are belatedly trying to get you to sign agreeing to pay the fee.Thesaint: there are several ways to protect a deposit from what I've read, just because I refuse to pay for it doesn't mean that prevents them from finding another way of protecting it - that excuse is almost like a pick pocket saying they wouldn't take a cheque so I stole it anyways.
I think you've misunderstood what i've said. I stated that the letting agent in your case is negligent, and are potentially up s**t creek without a paddle.Well life is harsh, hug me don't reject me.0 -
seven-day-weekend wrote: »I hasten to add my grand amount of £230 from two lodgers in my UK house is sitting in MY bank account ,earning interest for ME. If/when they leave it will be returned to them in full (without interest) if they leave the place in a way they would like their own house to be left and not owing any rent.
Is there any problem with that?
None whatsoever. You don't have to protect the deposit of your lodgers unless their on an AST and it sounds like they're not.seven-day-weekend wrote: »As long as they are giving back what is due at the end, does it matter?
The point is, in many cases the tenant doesn't.
Another thought - presumably, up until now, a tenant's deposit doesn't have any 'client money protection'. I.e. in the case of bankrupcy of the LL, there is nothing separating the tenant's deposit from his general funds). This scheme would also protect a tenant against their deposit being snaffled by the receiver.0 -
None whatsoever. You don't have to protect the deposit of your lodgers unless their on an AST and it sounds like they're not.
The point is, in many cases the tenant doesn't.
Another thought - presumably, up until now, a tenant's deposit doesn't have any 'client money protection'. I.e. in the case of bankrupcy of the LL, there is nothing separating the tenant's deposit from his general funds). This scheme would also protect a tenant against their deposit being snaffled by the receiver.
The article I read stated that 11% of tenants do not get their deposit back.
That means that 89% do.
Why are they making the decent vast majority of landlords jump through hoops because of the irresponsible few?(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
<snip>
Another thought - presumably, up until now, a tenant's deposit doesn't have any 'client money protection'. I.e. in the case of bankrupcy of the LL, there is nothing separating the tenant's deposit from his general funds). This scheme would also protect a tenant against their deposit being snaffled by the receiver.
Pertinent point, but as us BTL landlords are raking in so much money, this will never happen.:cool:
If a landlord were to be declared bankrupt, the tenant would have months to use up his/her deposit money before they had to leave a property. If the property was purchased, the tenancy agreement is still valid.Well life is harsh, hug me don't reject me.0 -
I think you've misunderstood what i've said. I stated that the letting agent in your case is negligent, and are potentially up s**t creek without a paddle.
Indeed I think they are, watch this space for futher details! I shall keep you all posted. Having posted on here I am now quite certain I am not going to pay the £50 charge. Stuff' em!0 -
Indeed I think they are, watch this space for futher details! I shall keep you all posted. Having posted on here I am now quite certain I am not going to pay the £50 charge. Stuff' em!
Everything I've read says the landlord pays, there's no mention of the tenant paying. That's not to say the LL can't try to pass on the costs, but *snigger* I think your letting agents have already !!!!!! up on that one.
Good luck."Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.0 -
seven-day-weekend wrote: »The article I read stated that 11% of tenants do not get their deposit back.
That means that 89% do.
Why are they making the decent vast majority of landlords jump through hoops because of the irresponsible few?
Still a hell of a lot of small claims time wasting.....
I heard it was more like 1/5th had had unreasonable deductions....
Besides it'll help the Inland Revenue because they'll be using the register to track down fraudsters not paying tax on their BTL so it'll benefit society including above board LLs.0 -
barnaby-bear wrote: »Besides it'll help the Inland Revenue because they'll be using the register to track down fraudsters not paying tax on their BTL so it'll benefit society including above board LLs.
You assume that there will be integration of systems! :eek:
What faith you have
I am not sure HMRC is that switched on!0 -
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Indeed I think they are, watch this space for futher details! I shall keep you all posted. Having posted on here I am now quite certain I am not going to pay the £50 charge. Stuff' em!
If they are prudent, they will waive the fee in this instance.
Hopefully they will put this down to experience and not send you an eviction notice now ready for when your fixed term comes to and end.
If you require your a reference...
Another question for everybody.
Guess 'bad landlord' disputes the return of every deposit without good reason, I understand he will lose his 'case' when it goes to the 'Dispute service' but this can't be cheap, and surely this will cripple the 'Free schemes' ability to pay for themselves from the interest they receive?
The use of interest to pay for the scheme can't be a vast amount because it can't be invested in anything long term as the money needs to be available almost immediately.Well life is harsh, hug me don't reject me.0
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