Technology0 min ago
Deposit Protection Scheme
2 Answers
Hi,
My tenancy ends in a week and we are staying on as 'sitting tenants' (I think that's what it's called - the new owner wants to keep us on as tenants). How soon can I request my deposit back from the deposit protection scheme, obviously we need to pay the new deposit to the new landlord, online it says it can take up to 10 days to receive the deposit back, so I was basicaly wondering, can I start the request now and hopefully have it back as the tenancy ends or just after so it's ready for the new landlord.
Thanks :)
My tenancy ends in a week and we are staying on as 'sitting tenants' (I think that's what it's called - the new owner wants to keep us on as tenants). How soon can I request my deposit back from the deposit protection scheme, obviously we need to pay the new deposit to the new landlord, online it says it can take up to 10 days to receive the deposit back, so I was basicaly wondering, can I start the request now and hopefully have it back as the tenancy ends or just after so it's ready for the new landlord.
Thanks :)
Answers
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There are two types of deposit protection scheme. If your landlord is using a 'custodial' scheme (rather than an 'insurance' scheme) your deposit should be automatically transferred to the new owner by your current landlord completing a form within 14 days of the completion of sale.
Take a look at the paperwork related to your deposit's protection. If it refers to the Deposit Protection Service Limited, your landlord is using a custodial scheme and you shouldn't need to do anything.
If the paperwork refers to Tenancy Deposit Solutions Limited or to the Dispute Service Limited your landlord is using an insurance scheme (which he shouldn't really be doing if he was aware that he might sell the property prior to your original tenancy ending) and he's obliged to ensure that you get your deposit back as soon as he longer holds any interest in it. (But, of course, there's nothing to prevent you reminding him about returning it, as early as you like).
Chris
Take a look at the paperwork related to your deposit's protection. If it refers to the Deposit Protection Service Limited, your landlord is using a custodial scheme and you shouldn't need to do anything.
If the paperwork refers to Tenancy Deposit Solutions Limited or to the Dispute Service Limited your landlord is using an insurance scheme (which he shouldn't really be doing if he was aware that he might sell the property prior to your original tenancy ending) and he's obliged to ensure that you get your deposit back as soon as he longer holds any interest in it. (But, of course, there's nothing to prevent you reminding him about returning it, as early as you like).
Chris
As usual it is difficult to add to a reply by BC but if you are a sitting tenant it is doubtful you have any agreement and will probably not have paid a deposit, as you have paid a deposit you are more likely to be an assured short hold tenant. It will be Important to establish your type of tenancy as this will affect the legal relationship between you and your landlord.
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