Tenancy Deposit Schemes - Advice Please

Rocket_Dog_2

We are looking to rent a property out and are trying to find out if it is compulsory to take a deposit from the tenant and therefore have to go down the Tenancy Deposit Scheme route. We had agreed not to request a deposit as we are renting to a close friend (though will be signing a tenancy agreement). Thanks

Debt_Free_Chick

No - Landlords do not have to take a deposit.

But (now) where they do, it must be protected.

A deposit is security against any damage caused by the tenant, which is not rectified at their cost before they move on.

Gorgeous_George

I would recommend taking a deposit - even from family/friends. If they cannot afford the deposit, it is unlikely that the rent will be paid on time.

Protecting the deposit is easy and keeps things 'above board'.

GG

speedtwin

You could still take a deposit and not have to protect it if you use a non-housing act tenancy agreement (similar to a company let tenancy) the down side is you can not use a section 21 to evict the tenant. You can still use a section 8 though.

EagerLearner

Mind you, The Tenancy Deposit Scheme is very easy to set up, and if they are friends and you trust them/they trust you, should be a case of filling in the form, sending cheque with it, then at the end of tenancy getting the cheque back and writing one to the tenants. It protects you in the end, *just in case*. For example, through no fault of their own, faimily, friends, or pets may damage the property by accident, in which case it would become quite awkward to try and 'discuss' the costs if there's no deposit...

Whatever you decide, hope it goes well ;o)

Notlob

speedtwin wrote: »

You could still take a deposit and not have to protect it if you use a non-housing act tenancy agreement (similar to a company let tenancy) the down side is you can not use a section 21 to evict the tenant. You can still use a section 8 though.

If you use a non housing act agreement and the property is the tenant's main place of residence and the rent is under £25,000 pa and the landlord does not live with you, then it is an AST even if you use a non housing act agreement.

speedtwin

I think you are getting confused with properties that have been converted and the landlord has lived there at some time.

A property with rent under 25k pa can be a non housing act tenancy/Common law (assured tenancy) but has to be if over 25k

Notlob

speedtwin wrote: »

I think you are getting confused with properties that have been converted and the landlord has lived there at some time.

A property with rent under 25k pa can be a non housing act tenancy/Common law (assured tenancy) but has to be if over 25k

Not on the criteria as noted in my earlier post

shazza79

When i moved into my property I gave my landlord a deposit/bond. Do I have a legal right to know whether they put it into a scheme?

clutton_2

when did you move in and when did you last sign a tenancy agreement ? and how long were the agreements for

Debt_Free_Chick

shazza79 wrote: »

When i moved into my property I gave my landlord a deposit/bond. Do I have a legal right to know whether they put it into a scheme?

When did you move in? When did you pay the deposit?