rent bond deposit

7777777

Have a property which i let 4 weeks ago,,, i let it and took a months deposit i belive this should have gone in to a independent system to hold for me and the tenant . Been told it should be in befour two weeks or could be liable for 3 times the deposit,,, but this as never been enforced?? also with one property its not necessary ??? what should i do as im 2 weeks late

Werdnal

You need to protect deposit in a scheme (even if you only have 1 property - its law), within 30 days of being paid the deposit. When exactly did the tenancy start?

You can lodge it online with the DPS today if still within 30 days from you receiving the deposit. Then print the full terms and conditions of the scheme and the prescribed information form for the tenant and send to them first class (keeping free proof of posting).

If it is outside the 30 days, you can still protect, but your tenants do have the right to claim up to 3x the deposit value for a late protection penalty. You may also have difficulties issuing a Section 21 notice seeking possession if you need to apply to evict these tenants. Search for deposit protection regulations here and you will find loads more info and advice.

If you are as ignorant of the requirements of letting as you sound by this post (and some of your previous ones), you may have a lot of things you have overlooked. Read this:

http://forums.moneysavingexpert.com/showpost.php?p=41160642&postcount=12

and all the links it contains to ensure you have complied with everything else!

Fire_Fox

Refund the tenant in full, no claim can be made for the three times deposit. What about the tenant you were letting to back in August, did you fail to lodge their deposit too? Do you have the appropriate safety certificates?

tbs624

Fire_Fox wrote: »

Refund the tenant in full, no claim can be made for the three times deposit.........

Whoa Fire Fox - some clarification needed by the OP first.

OP - are you certain that you "let the property four weeks ago", ie that you have missed the 30 day window (from deposit receipt) in which to scheme register a tenant's deposit?

Note that the time a LL has to scheme register a tenancy deposit *used to be* 14 days from receipt but that changed this summer under the provisions of the Localism Act.

One of your previous threads (posted 03-10-2012, 7:18 AM ) contains this:

7777777 wrote: »

In the next week i will have a house to let in salford greater manchester,,, i have put a free add in gum tree and viva street is there any other place for a free add,, or will it be better to pay for the add,,, any advice as the best place to advertise,,, i expect the new tenant will be local ie within 10 mile??

Or is that another property? If it is the same one then you do not need to proceed as FireFox has suggested but you do need to get on and get that tenancy deposit registered with a scheme *and* give the tenant the scheme's "prescribed information" (you need to be able to show that the T has received that info from you)

also with one property its not necessary ???

It is irrelevant whether you have 1 or 101 properties - if they are let on ASTs (assured shorthold tenancies) then the law requires that you scheme register the tenant's deposit and pass on the prescribed info.

As Werdnal suggests, your best move would be to do some thorough research on your legal obligations as a LL. You need to be "ahead of the game", rather than lurching in ignorance from one potential error to another. Follow the link she has given you.

G_M

Not much to add to the wise advice above, except that you have serious gaps in your knowledge.

Get a good book and join a landlords association! Do some serious research.

New Landlords (general information for new or prospective landlords)