DPS to return landlord’s money to agent in financial trouble?

by Readers Question

10:33 AM, 25th March 2020
About 2 weeks ago

DPS to return landlord’s money to agent in financial trouble?

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DPS to return landlord’s money to agent in financial trouble?

I’ve run out of patience with the agents who manage my properties and will shortly give notice or terminate their contract. I appreciate the present situation is difficult, but this is after a series of errors at my expense.

Now I’ve had increased charges and some staff suddenly never in the office (not due to illness or the lockdown). Both are signs the agent could be about to go bust.

I have a dispute going through arbitration with DPS. They say that even after the agent has transferred the properties, arbitration will only return any of the award to the agent’s account. They say there’s no way around this.

Is there a way to solve this?

Simon



Comments

Don Holmes

13:02 PM, 26th March 2020
About A week ago

The best way to resolve this is the tenant contact the DPS immediately asking for repayment . Clearly the Agent will be contacted by the DPS advising them that the request has been submitted, in turn that should be agreed by you, the LL Put a letter into the DPS now explaining what you are doing. You will need a firm understanding with your tenants that they will on receipt transfer the funds back to you, then you will need your own DPS account to resubmit. Dont forget to re-issue the proscribed information down loaded from the DPS site and have your tenants sign to say they have received it. Good Luck. We are in the NW if I can help. Regard Don


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