Tenants are tying up £2,524 in overlapping rental deposits

Oh dear, only £2500, how much do they think landlord’s are now tying up because of this government.
Next move deposits will be reduced.

£2,500 is a miniscule fraction of the costs Landlords payout. Every website treat Tenants with kid gloves compared to the rest of world. English media spouts the same, old, same old broken record: Tenants are Angels, Landlords demons. Make me sick.

I can explain this.
Since the government bought in its insane restrictions to limit holding / reservation deposits to just one week of rent, that is not enough for us landlords as a prospective tenant can walk away and afford to lose it, leaving us high and dry and facing a void.

So now, to counter this, we request to sign the tenancy agreement and to do this that they pay the full deposit of five weeks and the first months rent right away, even if the occupying tenants have still a month to run before they end their tenancy.

Stupid laws and restrictions lead to adverse consequences which always fall on the tenant in the end.

Back in the day, we could request a reservation deposit of two or three weeks – enough to eliminate a void if they decided to walk away. They only singed the TA and paid the balance and the five weeks deposit when they moved in, a few days after the exiting tenants had gone. Worked great.
But natch the government had to mess it up!

They should try moving as an OO. SDLT – and non refundable how ever well the house is looked after.

I have never charged a deposit .. despite one benefits (single mum) stating deposit hadn’t been returned when I took her to court to evict her – luckily I had the evidence (signed letter from her when she moved in saying no deposit had been taken).