Antnkel Posted June 24, 2011 Report Share Posted June 24, 2011 Hi guys, The question I'm asking is although bonds have to be protected by law, do you have to take one. I know they are a must just curious to see if it's law to have one in the first place. Link to comment Share on other sites More sharing options...
Carryon Regardless Posted June 24, 2011 Report Share Posted June 24, 2011 By bond I guess you mean deposit. Totally your choice if you take one, after deposit protection came I stopped taking them for some time. Recently I've started taking them again and suffering the extra administration involved. Link to comment Share on other sites More sharing options...
Grampa Posted June 25, 2011 Report Share Posted June 25, 2011 If you use a common law tenancy agreement you dont need to protect the deposit but you wont be able to use a s21. Some people dont take a deposit but make sure they have a guarantor in place and or rent insurance. Link to comment Share on other sites More sharing options...
Antnkel Posted June 25, 2011 Author Report Share Posted June 25, 2011 Yes I did mean the deposit, I might be getting another btl first ones been let out( with deposit ) for last six months. This one I have my sister-inlaw lined up so wondering if I needed to do a deposit? Link to comment Share on other sites More sharing options...
Grampa Posted June 25, 2011 Report Share Posted June 25, 2011 Letting to family is fraught with problems and many families have fallen out doing it. It may be worthwhile putting it through a agent for the first 6 months so if there are any problems any hardline taken with the tenant for late payment or other issues comes from the agent who will act as a bit of a buffer. Link to comment Share on other sites More sharing options...
Richlist Posted June 25, 2011 Report Share Posted June 25, 2011 In addition, if you have a mortgage on the property, letting to family members is not usually permitted in the terms & conditions.. Link to comment Share on other sites More sharing options...
Antnkel Posted June 25, 2011 Author Report Share Posted June 25, 2011 Well techincaly it's not family, it's my sister in laws partner and as there not married he's no relation at all. I understand and have read about letting to family and friends and them falling out. I have full confidence in them paying, more than the couple I have in the other property. Link to comment Share on other sites More sharing options...
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