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What do I do with the bond?

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Hi all,

I've got an unusual situation here and I'm not quite sure what to do...

I've got a tenant living in one of my properties and she's moving to another of my properties next month. Both properties are the same rent and same bond.

I took her bond when she first moved in which is secured (I hold the bond)

I'm not expecting to have any reason to withold the bond when she moves out as she's really looked after the place, so do I have to return her bond and then have her pay it me back again (and secure it again), or can I just continue to hold it in which case do I need to secure the bond again at the new place?

Any advice???

Many thanks,

Trevor.

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Technically speaking you are entering into a new letting arrangement therefore the letting bond money should now go into the deposit protection scheme for Landlord and Tenant and the deposit money should not now be held by you as it was under the old scheme.

Mel.

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Hi,

I agree with Melboy. New tenancy (at the same property or a different property) means that the deposit MUST be protected using a Government approved Security Deposit Protection scheme (of which there are 3).

Whether you want to actually return the deposit to the tenant, re-demand the deposit from the tenant and then secure the deposit .... or whether you simply decide to secure the deposit money you already have against the new property is your decision.

Good luck,

Mark

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