8:45 AM, 7th June 2018, About 5 years ago 23
I have two properties in Wales. One I manage myself and the other, up until now has been managed by a letting agent.
I decided some time ago to take over the management myself and duly gave 3 months notice to the letting company that I wished to do so. At that time I also informed them that I would like to hold the deposit and put it into my own scheme.
This seemed fine at the time and they agreed to this, getting my tenant’s agreement that the deposit could be held in my scheme.
I received the last month’s rent from the letting agent yesterday, but no deposit monies. I have telephoned them to ask where it is and they say they will not release the money to me until I have registered the deposit with my own scheme and given them proof that I have done this.
Can anybody advise me whether this is right?
Firstly I have not received the money so how can I register it with the scheme?
Secondly the deposit amount was £675.00 – if I was using a custodial scheme are they expecting me to pay the money over out of my own funds?