|
|
Question Title: Deposit
| Question: 202 |
| A client of ours wishes to disinstruct us in the middle of the tenancy. We hold the dilapidation deposit as stakeholder. What should we do with the money ?
|
| Answer: |
| The RICS Code of Practice states that if an agent ceases to manage the property before the deposit moneys are released the written agreement of both parties should be obtained before the deposit money is transferred to an agreed party, who may be the new manager or the landlord himself. However, the gaining agent may not wish to wish to act as stakeholder, after all he was not present at the check in and it would be difficult to assess damage even with the assistance of detailed inventory. If the landlord is to manage the property himself the tenant may be reluctant to agree to the release fearing that the landlord would not be able to make an impartial judgement at check out time. If the agreement of both parties is not forthcoming, for whatever reason, it would be best for the current agent to hold onto the deposit until the end of the tenancy at which time he could attend the check out and release the deposit. A reasonable administration charge could be made for this service.
|
|
References:
|
Pages:
|
Hyperlinks:
|
|
Letting Handbook |
Chapter 10 |
letting-handbook-and-factsheets.html
|
For more information, discuss on the Forum
|
|
