Deposit

bootsy11

Hi,

I'd like to know the legality of an issue regarding deposits.

I'm a landlord letting for the first time. This case involves a student and her two friends who put a deposit down on the house. It was agreed that they would move in on 1st August. Consequently they have pulled out and are demanding their deposits back.

This probably happens regularly, what is the landlords stance in this situation?

Thanks

D3PO

tell them to say goodbye to their deposits, a holding deposit is jsut that to hold the property.

by doing so you then remove the possibility of letting to somebody else. If they pull out they lose their deposit simple as that.

Unless you told them it was refundable if they decided not to move in ?

petethebrick

I'm not sure about the legal aspect of deposits but you should try to be fair I think.
If you've found someone else to let the house by August 1st you should return their deposit.

D3PO

i agree with the last poster you should be fair about it.

if you get somebody else to move in on the agreed date then i would return the deposit, but if not then i wouldnt be returning it.

bootsy11

yeah, deposits returned bar the re-advertising costs, if i'm to get tenants in by the 1st sounds fair.

Agent J

Long time renter here.

Em.

A Deposit is gives a person the right but not the obligiation to use/buy a product.

Techinically you would be well within your rights to tell them to get stuffed.

Personally i would re advertise the property and if i got someone i would give them part of it bacl.