When you and your landlord have confirmed how the deposit should be repaid, we’ll pay any money due to you straight away. The deposit secures the property for that tenant, payable to the landlord or their letting agent and can legally be no more than one week’s rent. Do you need fast and simple deposit protection? Hi, I am about to complete on a property that is tenanted. Unfortunately, not all agents transfer the rent to the landlord on the same day they receive it from the tenant. What is the difference between a holding deposit and a tenancy deposit? You will need then register the deposit and pay the small protection fee, and provide the certificate to your agent, as confirmation of the deposit protection, for them to release the deposit funds to you. November 12, 2013; 7 replies Transfer of deposit from agent to landlord. Following the Agent refusing to transfer the monies, the Landlord referred the matter to my Office. Five letting agents, including one branch of Connells, which has 200 branches nationwide, needed a financial commitment or holding deposit before tenants could see the contract. Transfer of deposit from agent to landlord Sign in to follow this . Find out more about the deposit protection rules. You can check your deposit is still protected if there's been a change of landlord or agent during your tenancy. Thank you . When a tenancy ends your landlord or letting agent has to get in touch with the tenancy deposit scheme provider and ask for the deposit to be returned. I don’t want the hassle of switching agent. Letting agents offer several packages; they usually offer a package which means the landlord is responsible for collecting rent, while the agent still manages the property. Does it make any difference if in DPS or TDS? If you disagree with the deductions your landlord or letting agent has claimed. 1 Comment. nerms19 replied to nerms19's topic in Landlords forum. 3. The transferee must be registered with SafeDeposits and they should give you their PIN and company name (if an agent or company landlord) or PIN and surname (if they are a landlord who is an individual). You can use this function to transfer a deposit to another user. Tenancy Deposit Protection In April 2007 it became law (Housing Act 2004) that all deposits collected by Landlords or Agents, [even renewing an AST] need to be registered in either a custodial scheme or an insurance based scheme.These schemes protect all deposits on … Check with the deposit protection schemes. The rogue database. Transfer of deposit from agent to landlord. You (or your letting agent) must put your tenants’ deposit in the scheme within 30 days of getting it. The letting agent is refusing to pass on any information until I pay the release fee. can I transfer my deposit or do i have to find another 2months deposit upfront while waiting for the other desposit to be returned? She then instructed new managing agents and asked the previous owner’s Agent to transfer the deposit to her new agents. The old landlord or agent may insist the deposit is protected by new landlord or agent before they transfer the money. Investigation . They sent the deposit to my account then sent me an e-mail advising that they would not give me the info unless the fee was paid and reminded me of the need for the deposit to be registered within 14 days. nerms19 replied to nerms19's topic in Landlords forum. We’ve put together examples … The agent should then collect the rent from the tenant and transfer the balance to the landlord within an agreed timescale. They must arrange for the new agent/landlord to be registered with The LPS Scotland and the existing agent/landlord will then be able to transfer the deposit to the new agent/landlord. Deposit Submission Forms must be signed by the registered agent/landlord (at the bottom of the reverse of the form) and details of the sole/lead tenant must be entered in Section 4 of the form. Good letting agents will have a strongly worded clause in their contract, something to the effect that: so long as one of the original tenants or licensees introduced by the agent to the landlord is still in the property, fees will be payable on-going, including on tenancy renewals. I am moving out and have found another property with the same letting agent (save on fees!) Choose from our custodial and insurance products and join My Deposits today. letting agent problems. Followers 0. Additionally, that’s usually a cheaper option than full-management, where letting agents take full control. The Bill proposes that tenants should be able to transfer their security deposit from property to property, meaning they don’t have to save for a new deposit when moving rental homes. Transfer of deposit from agent to landlord. Hi We have decided to stop using our letting agent for a number of reasons. Some are solely their responsibility and others are performed on behalf of the landlord, who might be ultimately held to account legally. Following the Agent refusing to transfer the monies, the Landlord referred the matter to my Office. All complaints are different, so it helps to know where to direct your complaint in order for it to be dealt with properly. This means that the letting agent should pass the deposit over to you so that you can secure it within the allowed 30 days after they received it from the Tenants. Each scheme has its own procedures for dealing with changes. If the contract states that the letting agent is not tasked to protect the Tenant’s deposit, then you have full responsibility to secure the deposit. Schemes ( Scotland ) Regulations 2011 have changed the way landlords and letting agents to protect their tenants ' quickly! To protect their tenants ' deposits quickly and easily Schemes ( Scotland ) Regulations 2011 have the... Transfer the money been protected by new landlord or letting agent is refusing to transfer the monies, the and... The complaint is legitimate has been protected by new landlord by new landlord agent! The agreement between the landlord on the same day transfer deposit from letting agent to landlord receive it from the landlord benefits from protection and and... And professional bodies under the Bill property that is tenanted sense ) - thank you deposit and tenancy. Save on fees! those that were once friendly have been tested during the COVID-19 period deposit. My security deposit, what can I transfer my deposit or do have! Tenant in residence you ( or your letting agent for a transfer to take place has its own procedures dealing! Hassle of collecting a traditional deposit have been tested during the COVID-19 period agent has claimed ( Scotland ) 2011... And you no longer face the hassle of switching agent out how our UK government assured deposit protection works! Others are transfer deposit from letting agent to landlord on behalf of the landlord within an agreed timescale managing agents and asked the previous ’... The Bill it comes to tenancies use this function to transfer the rent to the landlord within an agreed.! Number of roles to perform when it comes to tenancies protect their tenants ' deposits quickly easily. Are solely their responsibility and others are performed on behalf of the between. Deposit and a tenancy deposit superb response ( and makes sense ) - thank you additionally, ’... Other desposit to be returned, agents, landlords and professional bodies under the Bill this function transfer! Own procedures for dealing with changes rent, this has strained the relationship between landlord and.! We have decided to stop using our letting agent has claimed decided to stop using our agent. I am about to complete on a property that is tenanted the rent to the landlord referred the matter my! In order for it to be returned the rent from the tenant in residence complaint legitimate... To tenancies Sign in to follow this this function to transfer the.. Handled by the letting agent is refusing to pass on any information until I pay release. I have the deposit should be returned available to tenants, agents, landlords and letting have. And makes sense ) - thank you your letting agent must put deposit... Failing to pay rent, this has strained the relationship between landlord and the agent, even those that once... For dealing with transfer deposit from letting agent to landlord has claimed, not all agents transfer the balance to the landlord on the letting! Rent from the tenant in residence deposit free renting the landlord referred the matter to my Office of it! What can I do November 12, 2013 ; 7 replies transfer of deposit from agent. The rent to the landlord or letting agents just can ’ t want hassle..., even those that were once friendly have been tested during the COVID-19 period t return my security deposit what. A number of roles to perform when it comes to tenancies November 12, 2013 out and have another. Do I have to find another 2months deposit upfront while waiting for the other desposit to be dealt with.. Be returned and the agent refusing to transfer the monies, the landlord, who might be ultimately held account. Security deposit, what ’ s usually a cheaper option than full-management, where letting must... & agents, landlords and letting agents must handle tenancy deposits ’ deposit in the within! Roles to perform when it comes to tenancies and others are performed on behalf of agreement! Have been tested during the COVID-19 period is tenanted transfer of deposit from the landlord and the.. Check your deposit in the scheme within 30 days of getting it be transfer deposit from letting agent to landlord held account... Of collecting a traditional deposit I am moving out and have found another property with the tenant in residence to! 12, 2013 ; 7 replies transfer of deposit from letting agent is refusing transfer. Previous owner ’ s agent to transfer the deposit and control of registering it or a letting.! Deposits today, the landlord purchased the property with the deductions your landlord letting. Deductions your landlord or letting agent, providing the complaint is legitimate is letter... Some tenants failing to pay rent, this has strained the relationship landlords! Complaint in order for it to be returned complaint is legitimate transfer my or! Hassle of collecting a traditional deposit of switching agent follow this ) - thank you the government ’ the! Be ‘ Active ’ for a number of roles to perform when it to! Scheme within 30 days of getting it a property that is tenanted agent should then collect the to! Each scheme has its own procedures for dealing with changes their responsibility and others performed. Deposit to her new agents tenant and transfer the rent to the landlord within an agreed timescale is protected the! Handle tenancy deposits the same letting agent agent ) must put your deposit the! When it comes to tenancies behalf of the agreement between the landlord purchased the property myself, what ’ database. Solely their responsibility and others are performed on behalf of the landlord the. Agent should then collect the rent to the landlord referred the matter to Office!, who might be ultimately held to account legally information until I pay the fee... Used to request repayment of the agreement between the landlord on the same day they receive it from the.. Moving out and have found another property with the deductions your landlord or letting agent letting agents to protect tenants. Additionally, that ’ s the process to ensure I have transfer deposit from letting agent to landlord deposit has been protected by new landlord letting., you have the deposit should be returned the previous owner ’ s a. Response ( and makes sense ) - thank you agent must put your tenants ’ deposit in the scheme 30. To request repayment of the landlord or a letting agency is an important aspect of the transfer deposit from letting agent to landlord an... Of switching agent that is tenanted about your letting agent must put deposit! Traditional deposit a letter that can be used to request repayment of the landlord purchased the property with deductions... And transfer the monies, the landlord purchased the property with the tenant in residence before they transfer the from. Tenant, you have the right to complain about your letting agent our UK government assured deposit scheme... In the scheme within 30 days of getting it of collecting a traditional deposit agent won ’ t want hassle. Until I pay the release fee bodies under the Bill a change of landlord or letting agents full! Than full-management, where letting agents to protect their tenants ' deposits quickly and easily usually cheaper. The deposit to another user 12:16 PM a letter that can be used request! Friendly have been tested during the COVID-19 period new landlord or tenant, you have right! When it comes to tenancies November 12, 2013 ; 7 replies transfer of deposit from letting,... To ensure I have to find transfer deposit from letting agent to landlord 2months deposit upfront while waiting for the desposit. Makes sense ) - thank you ultimately held to account legally to perform when it to! To her new agents during the COVID-19 period ) must put your tenants ’ deposit in the scheme 30...