Tenancy deposit schemes

[BGARK]

One of my tenants is giving me a bit of hassle about where her deposit is (currently in my bank).

Should I sign up for http://www.tds.gb.com/landlord-membership-fees.htm... or is there a better oiption?

I don't mind, just want to do the right thing so she is happy.

Thanks.

[cuneus]

Why haven't you done it already ? (you have 30 days from start of tenancy)

I hope you have a very detailed inventory from the start of the tenancy signed by both parties

[Ray Luxury-Yacht]

Um, you could be in the st if you're really unlucky!

The law changed a while back, and deposits MUST be placed or registered in a Government approved protection scheme within 30 days as said.

If you don't, the tenants can potentially sue you for up to three times the amount of the original deposit.


Get it in a scheme and quick!

[nyt]

You have to lodge the deposit by law within 2 weeks (I think)

You'll have problems evicting the tenant if you don't

I use: https://www.depositprotection.com

[BGARK]

Ray Luxury-Yacht said:

Um, you could be in the st if you're really unlucky!

The law changed a while back, and deposits MUST be placed or registered in a Government approved protection scheme within 30 days as said.

If you don't, the tenants can potentially sue you for up to three times the amount of the original deposit.


Get it in a scheme and quick!

Ok thanks, will do. I assume if I have passed 30 days I am in the mire, or is this ok if combined with a newly dated agreement?

[BGARK]

Any association benefits, or just peace of mind maybe? http://www.rla.org.uk/

[Ray Luxury-Yacht]

BGARK said:

Ray Luxury-Yacht said:

Um, you could be in the st if you're really unlucky!

The law changed a while back, and deposits MUST be placed or registered in a Government approved protection scheme within 30 days as said.

If you don't, the tenants can potentially sue you for up to three times the amount of the original deposit.


Get it in a scheme and quick!

Ok thanks, will do. I assume if I have passed 30 days I am in the mire, or is this ok if combined with a newly dated agreement?

You won't be in the mire unless the tenants know about it

They can check online if their deposit has been protected. If they haven't yet then you'll be fine, just get it in quickly!

[BGARK]

Ray Luxury-Yacht said:

You won't be in the mire unless the tenants know about it

They can check online if their deposit has been protected. If they haven't yet then you'll be fine, just get it in quickly!

Thanks Ray LY, who do you use?

[wellzee]

nyt said:

You have to lodge the deposit by law within 2 weeks (I think)

You'll have problems evicting the tenant if you don't

I use: https://www.depositprotection.com

We use the DPS as well. Free and easy to use. Get that deposit protected sharpish!

[Ray Luxury-Yacht]

BGARK said:

Ray Luxury-Yacht said:

You won't be in the mire unless the tenants know about it

They can check online if their deposit has been protected. If they haven't yet then you'll be fine, just get it in quickly!

Thanks Ray LY, who do you use?

TDS: https://www.tds.gb.com/

[BGARK]

Ray Luxury-Yacht said:

BGARK said:

Ray Luxury-Yacht said:

You won't be in the mire unless the tenants know about it

They can check online if their deposit has been protected. If they haven't yet then you'll be fine, just get it in quickly!

Thanks Ray LY, who do you use?

TDS: https://www.tds.gb.com/

Ok thanks, through the RLA I can deposit with the TDS according to my quick research. I will give them a call tomorrow and get this sorted. http://www.rla.org.uk/landlord/tenancy_deposit_sch...

[Olivera]

BGARK said:

One of my tenants is giving me a bit of hassle about where her deposit is (currently in my bank).

Should I sign up for http://www.tds.gb.com/landlord-membership-fees.htm... or is there a better oiption?

I don't mind, just want to do the right thing so she is happy.

Thanks.

"One of my tenants". So you have others as well? It beggars belief that you were not aware of the compulsory nature of this scheme.

[BGARK]

Olivera said:

"One of my tenants". So you have others as well? It beggars belief that you were not aware of the compulsory nature of this scheme.

Why, I only found out when they asked, how else would I have known?

Within 24hrs of finding out I am on the case, and now getting grief about it

It has also prompted me to join the rental association to keep on top of any new legal requirements.

[johnfm]

BGARK said:

Olivera said:

"One of my tenants". So you have others as well? It beggars belief that you were not aware of the compulsory nature of this scheme.

Why, I only found out when they asked, how else would I have known?

Within 24hrs of finding out I am on the case, and now getting grief about it

It has also prompted me to join the rental association to keep on top of any new legal requirements.

How else would you have known?

Ummm, let me see...you could find out your minimum legal obligations when you rent out property?

I suppose that is the attraction to become a landlord - no barrier to entry.

[JustinP1]

BGARK said:

Olivera said:

"One of my tenants". So you have others as well? It beggars belief that you were not aware of the compulsory nature of this scheme.

Why, I only found out when they asked, how else would I have known?

Within 24hrs of finding out I am on the case, and now getting grief about it

It has also prompted me to join the rental association to keep on top of any new legal requirements.

Tell me you know about gas safety checks, please...

[Sideways Rich]

We have a challenge at the other end of the agreement. Our first tenants left 2 months ago, they were great, paid on time however upon leaving there was a reasonable amount of damage beyond just wear and tear.

We have before (of the house pre-let) and after pictures and have written to them saying we'd like a contribution to the costs we incurred to rectify the issues. They are refusing to make a contribution.

So where does this leave us, as it technically remains in escrow?

Any fellow PH landlords with experience of this?

[BGARK]

JustinP1 said:

Tell me you know about gas safety checks, please...

[cuneus]

Sideways Rich said:

We have a challenge at the other end of the agreement. Our first tenants left 2 months ago, they were great, paid on time however upon leaving there was a reasonable amount of damage beyond just wear and tear.

We have before (of the house pre-let) and after pictures and have written to them saying we'd like a contribution to the costs we incurred to rectify the issues. They are refusing to make a contribution.

So where does this leave us, as it technically remains in escrow?

Any fellow PH landlords with experience of this?

It leaves you with a big bill

Look up the meaning of the word inventory

[S6PNJ]

Sideways Rich said:

We have a challenge at the other end of the agreement. Our first tenants left 2 months ago, they were great, paid on time however upon leaving there was a reasonable amount of damage beyond just wear and tear.

We have before (of the house pre-let) and after pictures and have written to them saying we'd like a contribution to the costs we incurred to rectify the issues. They are refusing to make a contribution.

So where does this leave us, as it technically remains in escrow?

Any fellow PH landlords with experience of this?

Yup! Twice! Small claims court is your best course of action. We've used it twice -first tenant left the country, so we only git back the deposit - left circa £2k outstanding! Second tenant thought she'd got away with it but after following up with the Sherrifs Office, she found herself with a CCJ, a High Court Judgement and an increased bill (which was clearly paid!). Apart from a small amount of cash (depending on what is outstanding it could be £40-80) you have nothing to lose.

[Sideways Rich]

S6PNJ, thanks very much will go via that route