Hello there, I have a question regarding deposit protection.
We let a property, as a manging agent we registered the deposit within our account and provided the prescribed information. 7 months later the property was sold to a new owner with tenants in situ and the deposit remained registered by the agent to date, as per the original registration. Is this registration valid please?
Thanks
2 Comments
Assuming you have continued to manage the property for the new landlord, this will be fine because there are no changes as far as the deposit is concerned.
However, if the new landlord moves agent or is self-managing, it would need to be unprotected and then re-protected and further information showing the latest details. Some schemes allow an internal transfer between one landlord/agent and another.
It should be added there’s nothing wrong with you only managing the deposit element for the new landlord.
As a point of note, where there’s a new landlord like this, a section 3 notice must be served on the tenant available here (links to new test website).
Thank you very much.