CH1 Posted May 31, 2008 Report Share Posted May 31, 2008 I've basically found someone who wants to rent my property however its at the top end of their budget and they can only pay a months rent in advance and half the deposit now with half the deposit a month later. Ideally I want to rent it out asap so am willing to help them I agreed to them paying half now and half in a month. So my question is how and when do I protect the deposit once I get it, when I've got all of it in a month or 2 months? as I can't protect bit by bit. I will be issuing a 6 month AST -should I list in the AST the amount of deposit and when I expect it paid too... Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted June 1, 2008 Report Share Posted June 1, 2008 If you use ins scheme you "should" protect each half (at a cost of £30 per dep) this is the "legal" way to do it ...... Personally i would hold the 1st half as rent up front and then update the ast (redo if ness) to change it into "dep" when 2nd half is recd... OR charge T £30 twice to cover cost of protection ... If using custodial scheme i have no idea as i refuse to use it !!!! The Rodent Link to comment Share on other sites More sharing options...
CH1 Posted June 1, 2008 Author Report Share Posted June 1, 2008 Well, I was thinking of using ins. scheme if I was going to get whole deposit at start as usual. I was planning to register it when I received the full amount and explained I could only register it as a lumpsum not in installents and the date they gave me the whole deposit would be taken as the date I received it and would be protected accordingly perhaps in the custodial scheme. I don't think they will be able to pay another £30 as they appear to be struggling with the deposit. So far they have been referenced -all fine and have paid a referencing fee -thats all. I'm waiting for their final answer on this -as I seem to have lost a potential tenant who viewed staright after and wanted it but I gave these guys first preference as they'd made appt first, and now the other potential tenant has found something later the same day! Link to comment Share on other sites More sharing options...
simonbaldry Posted June 2, 2008 Report Share Posted June 2, 2008 If they can't afford the deposit, move on tenants are like buses. (No not slow, smelly and always late) there will be another along soon. Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted June 3, 2008 Report Share Posted June 3, 2008 When taking an initial dep ......dont just take £30 to refernce them take a proper deposit ...i take £150 which is no returnable ...LA generally take much more ! The Rodent Link to comment Share on other sites More sharing options...
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