Tenancy deposit schemes
Discussion
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.
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.
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!
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!
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
You'll have problems evicting the tenant if you don't
I use: https://www.depositprotection.com
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?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!
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?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!
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!
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!You'll have problems evicting the tenant if you don't
I use: https://www.depositprotection.com
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?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!
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?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 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.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.
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.
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.
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.
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.
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?
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?
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 billWe 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?
Look up the meaning of the word inventory
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.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?
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