Landlords Alliance – Emergency Euro Elections Statement21:09 PM, 21st May 2019
About 6 days ago 77
I recently instructed a letting agent to find a tenant for a flat I own. I made it it clear that as an experienced landlord and a member of the TDS I would be holding the deposit and managing the property myself.
This was agreed, written into the contract and signed by all parties. The agent has now taken the deposit rather than instruct the tenant to pay it directly to me. They have admitted this was an error on their part. They are now refusing to release the deposit until I have registered it with the TDS.
I am loathe to do this because if the money ‘goes missing’ and is registered in my name then I am legally responsible. I know for a fact that they would never consider registering a deposit themselves without being in receipt of cleared funds so why are they expecting me to do so?
Should I stand my ground or register it with the TDS before I have actually received the money?
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