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Hi All,I was wondering if I could get some advice on my situation. I protected a deposit and provided all the correct documentation. Upon the 6 month AST coming to an end I was supposed to action the deposit to going to periodic. Unfortunately my faulty I didn't complete this in time.The deposit became unprotected so I was advised to reprotect the deposit for 2 months (shortest time available) and then action it to be periodic.
6 month tenancy ended 31/08/2017. I reprotected 1st September 2017
Wanted to ask what the implications are of my situation?Any help or thoughts greatly appreciatedThank you
Hi who advised you to reprotect for 2 months etc . Was that the deposit scheme.
Hi spiritual thanks for your reply depositprotection.com advised I should create a 2 month tenancy (shortest possible on their system) then after 30 days set it to go periodic .
Really sorry for late reply . I cannot find any reason for you to worry . I can see that others have put your mind at ease .
So many things to have to think about for us landlords .
Technically there is no penalty for allowing a deposit to be unprotected, only for not protecting promptly after receipt.
Hi DavidThanks is for your reply. Interesting to know this. I prescribed all the correct paperwork at the start of the tenancy and the renewal too.Unfortunately the system requires you to login and click periodic rather than just rolling on to it.You also have to pay the insured fee again.
So in theory once a deposit has been protected unless a new AST is issued there isn't any threat to the landlord from being sued or issuing s21 etc?
I missed a click to "extend for SPT" once. I didn't see why I should pay £26 again, just for missing a click, so I didn't. They stayed another year and literally just left. I returned their deposit in full, which I always do anyway, unless there is a really good reason. Personally I think extend for SPT should be a default position unless you say otherwise.
You don't need to pay anything to extend a deposit protection from AST to SPT
Well not with mydeposits anyway!
Another reason to use use mydeposits
Actually it was mydeposits and because I didn't click to extend for spt within I think 30 days they wanted me to pay again. Not fair I thought because it had become a statutory periodic and effectively I was going to be charged £26 for not clicking a button. It should be the default setting with action only required if you issue a new contract on renewal - anything else is just profiteering.
I'm not sure I am as safe as all that though because of the "ambulance chasers" ringing people up and asking them if they ever paid a tenancy deposit. It really is a rubbish time to be a landlord these days.
I agree that it should be a default position that deposit protection continues automatically
Mydeposits sent me an email to click that mouse!!
But you could be on holiday etc.
Before you leave the connected modern world you need to check what your business might require of you while you are out of circulation
Yes it is a bit rubbish having to do that; but unfortunately the armchair method of being a LL doesn't actually work!!!
Shame about that but we are where we are.
The tiniest of details can bankrupt a LL.
Something the GRQ GURUS never advise about!
To add to this, if a deposit was correctly protected at the start of the AST (either first one or renewal) is it even possible for it to become unprotected?