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Question Title: Deposits
| Question: 74 |
| Recently, an awkward client landlord distinstructed me before the tenancy of her property had come to an end. I must say that I am quite relieved not to be acting on behalf of the landlord anymore, however the tenants have been model tenants and I want to do the right thing. I hold the deposit as stakeholder and have agreed with the landlord to continue to collect the rent each month until the end of the tenancy. The landlord has requested that I pass the deposit to her and the tenants have clearly stated that they are not happy about this. What should I do, I don't feel happy to hand over the money ?
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| Answer: |
| You are absolutely right to feel uneasy about releasing the deposit at this time. The deposit should only be released with the express written permission of both the landlord and the tenant and the RICS 'Rent Only' Management Code states, at clause 5.10 "If you cease to manage the property before the deposit moneys are released you should obtain the written agreement of both parties before you transfer the deposit money to an agreed party, who may be the new Manager (or the Landlord himself)."
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References:
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Hyperlinks:
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Letting Handbook |
Chapter 9 |
letting-handbook-and-factsheets.html
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For more information, discuss on the Forum
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