Estate agent in Liquidation
Font size:
What happens to tenants deposits?!
Hello Can anyone offer me some advice about the implications of estate agent liquidation on a landlords interests? I have recently started to assist a private landlord with the general administration of his property portfolio and have recently been informed that the estate agents responsible for several of his properties have gone into administration. While the obvious issues with the rent and lost payments is a massive concern, the greatest concern is related to the tenancy deposits on these properties. I was under the impression initially that deposits held within certain schemes were protected, is this correct? Also it has come to light that many of the deposits were not correctly registered within the government schemes, so does anyone know what the outcome for the landlord is here? I assume he is sadly responsible for the repayment of these out of his own pocket even though the agents acted incorrectly? Any advice would be greatly appreciated! Many thanks Louise
del.icio.us
Digg
Facebook
myspace
Windows Live
GoogleLog in
Submit your own FAQ
Click here to
FAQ Tools
Email to a friend
Print version
Plain textFeatured author
Latest comments
-
15/05/2012 09:44:25Mr Moresense Landlord Action are not Solicitors. Eviction companies like them who are not solicitors have to instruct solicitors to deal with issuing court claims and to ...
-
05/05/2012 13:18:17Mr Sensible It strikes me the agent is struggling to get the tenant to play ball. Keep it simple. I think the real question for you is ...
-
05/05/2012 12:57:40Mr Sensible Why you've let it get to 5m in arrears, god only knows. I'd suggest you contact Landlord Action and ask them to end this tenancy ...
-
03/05/2012 06:05:42avinash sarapali The house deed is on my name but I and my girlfriend (soon to be wife) were living in the property for a two years.. ...
Thanks for your response.
Not good news for the landlord then it seems. Frustrating how the agents now seem to get away with it though since they will have no money to repay their debts.
Thanks for your help
Louise
Seems landlords
You should check with www.depositprotection.com to see if they have the deposit. If they do, you're safe - it's effectively in a government backed bank account. If they don't have it, there's every chance the agent has run off with it, and the landlord is going to need to make it good.
To avoid this happening again, make sure your agent is a member of www.safeagents.co.uk, or contact your local Belvoir Lettings office - there are 135(ish) in the UK.
Post your comment