keverett
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| 20 Jan 2007 15:50:00 |
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(This hasn’t happened yet but it deserves some thought since it's getting close!)
My agent (a Ltd company) holds my tenant’s deposit as ‘agent for the landlord’. In the event that the agent stopped trading, would the tenant be able to claim against me as the landlord for his deposit. |
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belvoirlettingsplymouth
Posts:2
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| 24 Jan 2007 14:37:19 |
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The agents deposit account should not be in any way related to his trading account and he should pass back the deposit to you. If in the event he has spent the money in the deposit account, then it would be upto you to find the deposit for the tenant as he/she was working on your instruction. You then need to TRY to recover the deposit from the agent.... if you can!
Good luck and let me know what happends |
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Lyndon
Posts:4
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| 29 Aug 2007 08:08:19 |
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This type of post should now become rare since the TDS legislation means that deposits mut be protected. Sadly there is nothing to stop an unscrupulous agent not renewing the insurance on the deposit after the initial 12 months.
NALS agents also MUST have seperate client accounts AND Client Money Protection Insurance which also covers rental income. |
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Lyndon Baker
Managing Director
BakerReed Properties Limited
BakerReed Properties Limited is a firm accredited by the National Approved Letting Scheme - a Government backed accreditation scheme which offers peace of mind to landlords and tenants through the knowledge that the firm they are dealing with offers clearly defined levels of customer service.
Member of The Guild of Letting and Management
Member of The Residential Landlords Association
Member of The UK Association of Letting Agents
Member of the Westcountry Landlords Association
lyndon@brpl.co.uk
http://www.brpl.co.uk |
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