AAO Posted May 26, 2011 Report Share Posted May 26, 2011 Hallo all, I would hugely appreciate anyone responding who can shed any light on this problem. Many thanks in advance. I recently took over as Landlord of a property I have owned since 2003. There has been a tenant there for that time very successfully. I have several other properties which I manage myself, but this was in the hands of a reputable local agent with whom in 2003, I struck a good deal and got along with very well. They were taken over by a well known and not at all efficient conglomerate with whom you could get no sense, never able to speak to anyone who knew anything, and so on, I think some of us have been there already! I decided to reclaim the property and add it to my portfolio some weeks back. To say the process has been difficult is an understatement. The tenant is happy with the change, all is well on that side, however, the company concerned have refused to let me have her Deposit, saying it is in 'My Deposits' held by them and if and when the tenant leaves they will sort it all out. I wish to place this in the DPS as all my other deposits., and I have spoken to 8 people, resulting in being told they will not release the deposit to me or send it directly to the DPS in my account there. Surely they are not within their Legal right to do this? To withhold a deposit from a landlord when they are no longer the Letting agent??? Finally today I was informed I could speak to their Legal department, which I will do tomorrow, but I thought I would see if anyone here had any insight as to where exactly I stand on this? They are also trying to claim they will charge me £90 for the transfer of this deposit, although in my Contract with them there is no such Clause. Thank you again. Link to comment Share on other sites More sharing options...
Grampa Posted May 26, 2011 Report Share Posted May 26, 2011 You can either let them hold the deposit and "deal with it" at the end of the tenancy which saves you the work of having to do it, but will they do it with the same vigor and your best interest if they are not managing the property any more. They can charge you a fee for swoping the deposit over only if it is in the T & C's you have signed with the agent. or a reasonable fee. Ask them to justify their fee and give a breakdown. Link to comment Share on other sites More sharing options...
AAO Posted May 27, 2011 Author Report Share Posted May 27, 2011 Many thanks Grampa for your kind reply. I fear they will not undertake this with the same vigour as I will, having done this many times over the past 10 years, I am very aware of the best way to make sure of the difference between fair wear and tear and something that requires full or a part of the tenant's deposit. Placing this deposit with the DPS under my own account does give me a stronger leverage if any deposit needs to be withheld. Mainly because this huge company does not have a clue as to what the right hand says to the left! It will take forever to sort this out with them and frankly, the agent does not have the legal title to the money as I am now the Landlord and have been since the 4th May 2011. There is also nothing in the Contract which refers to any payment for transfering the deposit over to myself or any other landlord or the DPS. Once again, thank you. Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted May 27, 2011 Report Share Posted May 27, 2011 My deposits - does not hold the cash but insures it for a fee, I use my deposits and i hold the cash - i think you will find LA has the cash NOT my dep. As LL you will responsible for returning the dep at end of T - NOT LA , if you dont have it then you will have to pay from your own pocket if LA doesn't co-operate. Suggestion Replace AST with a new AST - this will require dep to be re-protected under MY DEP rules - as old AST is now finished T should Demand HIS dep back from LA (with you agreement and support) T should further insist that payment is made direct to you LL (or T who can pass dep to you). A call to my dep will confirm this and they will help you to sort this out - (t can even make a complaint about LA not returning DEP as AST has ended) I think you will find that handled properly LA will pay up pretty quickly !!! Please post back with outcome! The Rodent PS as for the fee - just ask to see the original documentation with your signature on that obliges you to pay this ...it will be interesting if this goes back to 2003 because dep protection didn't arrive until april 07 How many times has AST been re-signed since 03 if none - then go wipe the floor with LA as it never needed protecting. LA's - pah ........don't get me started ..... Link to comment Share on other sites More sharing options...
Melboy Posted May 27, 2011 Report Share Posted May 27, 2011 I was reading through and thinking that....there is no requirement for a protected deposit in your case unless you have drawn up a new AST since April 2007. Mel. Link to comment Share on other sites More sharing options...
AAO Posted May 27, 2011 Author Report Share Posted May 27, 2011 Many thanks for all your help. I have a RESULT! Due to my contacting My Deposits this afternoon, who informed me I was in the right and the deposit was not protected by them since it was before April 2007...and that the ex LA had no Legal Title to the money and no right to withold it, I managed to get hold of someone in the ex LA's Legal department, and the deposit is being transferred to my Business Bank Account by BACS and should be in there by end of next week! Thaks again for the advice as it helped me to make my case strongly. Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted May 27, 2011 Report Share Posted May 27, 2011 Many thanks for all your help. I have a RESULT! Due to my contacting My Deposits this afternoon, who informed me I was in the right and the deposit was not protected by them since it was before April 2007...and that the ex LA had no Legal Title to the money and no right to withold it, I managed to get hold of someone in the ex LA's Legal department, and the deposit is being transferred to my Business Bank Account by BACS and should be in there by end of next week! Thaks again for the advice as it helped me to make my case strongly. No problem...another happy customer ...next please Link to comment Share on other sites More sharing options...
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