When to sign the AST and taking holding depositsMake Text Bigger
I have read that on no account should a landlord sign a new tenancy, unless he has vacant possession of the property.Even if good tenants have given notice in writing, it doesn’t mean they will actually move out on the day they say they will. On that basis it makes sense that new tenants should sign the new tenancy on the day of moving in.
I have had problems in the past however, when tenants go through all the motions of wanting to take a property and then pull out, leaving us with lost rent and lost potential tenants.
What do others do to protect themselves ?
In Mark’s excellent Tenant Referencing Using Common sense’ he says …..”Once referencing is accepted …..we ask for the deposit to be paid to hold the property, we immediately protect the deposit….”
What is best practice if taking a so called holding deposit ?
When is a deposit just a holding deposit and not a tenancy deposit and should this ever/always be protected?
Can a deposit really be protected before a tenancy has been created (the DPS ask you to fill in the tenancy start date) ?
If the deposit was taken more than 30 days before the start of the tenancy wouldn’t it need to be protected and the Prescribed info served before moving in?
I look forward to reading your thoughts.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.