Tenancy Deposit Scheme- Landlord seeks advice

by Readers Question

16:54 PM, 11th July 2014
About 4 years ago

Tenancy Deposit Scheme- Landlord seeks advice

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Tenancy Deposit Scheme- Landlord seeks advice

The letting agent has registered the deposit with MyDeposits. Tenancy Deposit Scheme- Landlord seeks advice

The assured shorthold tenancy agreement, with them, ends in September and will become a statutory periodic tenancy.

I do not have a Deposit Protection Certificate as the agent took the deposit.

How do I make a deduction from the deposit in the event of a dispute?

Does the letting agent return it to the landlord at the end of AST period?

The mydeposit website provides no information for this eventuality.

Many thanks

Ian



Comments

Mark Alexander

16:59 PM, 11th July 2014
About 4 years ago

Hi Ian

I have sent the following Tweet in the hope that MyDeposits will respond here.

Please would all members who use Twitter to Re-Tweet the following ....

Mark Alexander

17:49 PM, 11th July 2014
About 4 years ago

Just got a reply to my Tweet which mentioned My Deposits ....

my deposits

18:02 PM, 11th July 2014
About 4 years ago

If the landlord intends to make deductions from the deposit after the tenancy ends (i.e. the tenant(s) vacate the property) then he must communicate the intended deductions with both his tenant and also agent.

If the tenant does not agree with the deductions then he/she is entitled to raise a dispute with my|deposits up to three months after he vacates the property. If my|deposits accept the dispute then we will inform the agent who is our member and holds the deposit.

The agent will then be required to provide us with the disputed amount, inform the landlord of the dispute and between them they can provide evidence to justify the deductions from the deposit like in any other tenancy deposit scheme deposit dispute.

We have many guides on our website that are there to help landlords like you Ian - http://www.mydeposits.co.uk/landlords/resources-and-guides/guides

If you want to find out anymore information please don't hesitate to give our call centre a ring on 0333 321 9401.

Many thanks

Mark Alexander

18:15 PM, 11th July 2014
About 4 years ago

@Ian - who is holding the deposit, you or the agent?

If it is the agent, why not sign up as a member of MyDepsits yourself and have the agent transfer the deposit to you, subject to the tenants consent of course?

Is the agent managing the property and if so, will he continue to do so once the tenancy goes periodic?
.

Yvette Newbury

18:28 PM, 11th July 2014
About 4 years ago

Ian - we use a letting agent but always secure the deposit ourselves using Mydeposits. Register yourself with MyDeposits and next time you let provide the letting agent with your ID number and confirm they need to transfer the deposit to you to secure. Whilst you need to then serve prescribed information, certificate and other information to your tenant at least you have peace of mind knowing a) you have registered it properly and b) that you have hold of the money so that if anything untoward happens with the agency you are not left having to refund the tenant's deposit although you never even saw the funds!

Adam Alexander

18:35 PM, 11th July 2014
About 4 years ago

Reply to the comment left by "Yvette Newbury " at "11/07/2014 - 18:28":

Hi Yvette

That's what we advise landlords when we offer them a tenant find service via Rightmove for a fiver 🙂
.

DC

21:39 PM, 11th July 2014
About 4 years ago

Ian, to further confirm Yvette's comment, from a previous question I put to MyDeposits through a Property118 discussion, if the agent has registered the deposit into the "insured scheme" and then goes bust or does a runner with your tenants' deposit money MyDeposits confirmed that they will not refund your tenant or deal with you in the circumstances you have detailed. So in effect neither you or the tenant are insured against anything!

As Yvette says, you will have to foot the return of deposit to the tenant out of your pocket.

Yvette Newbury

21:52 PM, 11th July 2014
About 4 years ago

Thanks DC, you are quite right this point does need stressing. It is your obligation as the landlord to secure the tenants deposit so why would you leave it to a 3rd party, do it yourself! When the deposit scheme started I telephoned them as my agents at the time would take a good month to send me all the papers I needed, no way did I ever receive them within what was then 10 days needed to register the deposit. MyDeposits suggested I find another agent, the responsibility was mine and that was that! So it is not just about ensuring the deposit has been secured or the return of the deposit by the agent, it's also knowing that it has been secured within the time too as it is the landlord who will be liable if it has not.


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