Do you think I'll get my deposit back?

dvsmind

hey everybody
Me and three of my friends gave a deposit too a letting agent early this morning, we dident sign anything.
Since then one of us has pulled out and its got myself and the others worried about whether or not we are entitled to get back the money we put down as part of the deposit.
One post suggests that there is a two week cooling off period for changing your mind, is this an actual law?
Iv heard a couple horror stories about agents keeping deposit!
Taking into consideration that we dident sign anything do you think where safe?

Victor

Under what terms was the deposit given? If it is a normal security deposit, then you are entitled to it back. If it was a booking deposit, then any expenses and loss of rent may be deducted.

dvsmind wrote: »

One post suggests that there is a two week cooling off period for changing your mind, is this an actual law?

No such law.

You have a few choices.
1. Go to the agent in the morning and ask for the deposit back. You may be charged for the loss of rent, which may be more than the 24 hours. Take this from the party who is withdrawing.
2. Get another party to join the rental.

dvsmind

If by booking deposit you mean that the the agreement is so that nobody else will be able to rent the property untill we officially withdraw then yes those are the terms we have agreed. thanks victor for setting me staight its much appreciated

Penguino

Did you get the deposit back?

Tigger

dvsmind wrote: »

hey everybody
Me and three of my friends gave a deposit too a letting agent early this morning, we dident sign anything.
Since then one of us has pulled out and its got myself and the others worried about whether or not we are entitled to get back the money we put down as part of the deposit.
One post suggests that there is a two week cooling off period for changing your mind, is this an actual law?
Iv heard a couple horror stories about agents keeping deposit!
Taking into consideration that we dident sign anything do you think where safe?

two week cooloing off period applies to the lease if you sign a lease you can back of of it for up to two weeks.



if the deposit was to hold the place then you don't take the place then thats different

Penguino

Tigger wrote: »

two week cooloing off period applies to the lease if you sign a lease you can back of of it for up to two weeks.

Hey

Where are you getting this info from?

Tigger

Penguino wrote: »

Tigger wrote: »

two week cooloing off period applies to the lease if you sign a lease you can back of of it for up to two weeks.

Hey

Where are you getting this info from?

Residential tenancies act 2004

bath handle

Tigger wrote: »

Penguino wrote: »

Tigger wrote: »

two week cooloing off period applies to the lease if you sign a lease you can back of of it for up to two weeks.

Hey

Where are you getting this info from?

Residential tenancies act 2004

Which section?

Penguino

Tigger wrote: »

Penguino wrote: »

Residential tenancies act 2004

Where in the Act does it talk about the two week cooling off period for lease agreements?

Coriolanus

Section 98 is the section that mentions cooling off period. My brain is too tired to decipher the legalese. Someone else do it :P

“Cooling-off” period for purposes of section 97 (4)(b).
98.—(1) A decision reached by the parties themselves in resolution of the matter concerned may not be the subject of a declaration under section 97 (4)(b) unless—

(a) a period of 21 days has elapsed from the date on which the parties first inform the adjudicator that such a decision has been reached by them, and

(b) in that period none of the parties has informed the adjudicator that he or she no longer accepts that decision.

(2) If, in the period mentioned in subsection (1), the adjudicator is informed by any of the parties that he or she no longer accepts the decision mentioned in that subsection, the adjudicator shall, subject to conducting any further hearings in the matter as he or she thinks appropriate, proceed to reach a decision himself or herself in the matter.

(3) The adjudicator shall indicate to the parties the effect of this section upon being first informed by them that a decision has been reached by them in resolution of the matter concerned.

(4) That indication of the adjudicator shall also include an indication that the decision reached is not capable of being appealed to the Tribunal and shall become binding on the parties on a determination order under section 121 being made in relation to it.

The_Conductor

Errr- I thought Section 97 and 98 were dealing with dispute resolution and bringing a case before an official PRTB adjudicator? In which case- there is a 21 day cooling off period- if an amicable decision is reached between the two disputing parties (the landlord and the tenant)- during which time either side can inform the adjudicator that they no longer accept the resolution, and the dispute can move forwards.......??????

Please correct me if I'm wrong........

This has absolutely nothing whatsoever to do with a cooling off period for prospective tenants who decide after handing over a booking deposit that they no longer wish to rent a property..........

Penguino

smccarrick wrote: »

This has absolutely nothing whatsoever to do with a cooling off period for prospective tenants who decide after handing over a booking deposit that they no longer wish to rent a property..........

My thoughts exactly

Pope John 11

dvsmind wrote: »

If by booking deposit you mean that the the agreement is so that nobody else will be able to rent the property untill we officially withdraw then yes those are the terms we have agreed. thanks victor for setting me staight its much appreciated

Can anyone tell me if someone puts down a booking deposit for a room & they change their mind with regards not moving in, and no lease was signed, are they entitled to their deposit back. Where in the Tenancy Act is this covered