user_12415

Registered with Property118.com
Tuesday 25th October 2016


Latest Comments

Total Number of Property118 Comments: 1

mydeposits

10:48 AM, 25th October 2016, About 6 years ago

Damage deposit from DSS tenants?

Hi Robert,

You are correct by saying the deposit protection schemes (mydeposits included) are not in a position to determine how a deposit is paid.

Whilst we cannot comment on the legal side of things, I would be checking directly with your deposit protection scheme of choice as each scheme has its own terms and conditions;

As a scheme, we say to our members that if the deposit is paid in instalments then the full envisioned amount of the deposit as stated in the AST must be protected. If the landlord/agent does not receive subsequent instalments as expected then they must keep evidence in case there is a deposit dispute.

One idea we can recommend is lodging the money with a custodial scheme - this allows you to tell the scheme how much you are expecting to receive, and then each time the you are paid an instalment, you can send this to your custodial scheme of choice to top up the money they are holding.

We're keen to hear if you take your idea further, so do keep us updated!... Read More