X

Sign Up

or

By signing up I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Sign Up

Sign Up With Facebook, Twitter, or Google

or


By signing up, I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Log In

or


Don't have an account? Sign Up

Forgot Password

To reset your password just enter the email address you registered with and we'll send you a link to access a new password.


Already a PT member? Log In

Don't have an account? Sign Up

  • Deposit Protection

    Deposits to be capped at 5 weeks rent?

    Sorry John, my facetious nature...

    I find that when landlords have been 'let down' or 'not listened to' its usually a minor change. If rents are likely to rise significantly it seems to 'affect the most vulnerable in society' and if landlords may be forced to sell the dreaded 'h' word is used - 'homeless'.

    1
    0

    Ah gotcha,  yep, we're in agreement !

    Landlords need to act like business people rather than snowflake drama queens !

    1
    0

    All of my deposits are one months rent plus £100 (Just so tenants dont get confused about the deposit being the last months rent).   As my rents are around £800 then thats fine however I also ask for an extra £100 for any pets, this would take me over the threshold...


    I think if this is the case if someone asks for a pet I will say yes but as I cannot take an extra deposit to cover the risk I will charge £10pcm of rent extra.  All the government will have thus done is take it from being a refundable deposit to being extra rent meaning the tenant is actually worse off...  Numpties.

    3
    0

    Can honestly say one tenancy wouldn’t have happened if this was in place when I took it on. They had no bank account, no credit history, no permanent job. But I liked them. They put down £1000 for a £500pcm flat. They have just about kept up on rental payments but no way I could have taken them without additional security.

    1
    0

    Totally agree, a landlord usually asks for a bigger than 5 week deposit because there is a higher associated risk...  They complain too many landlords say no benefit tenants but then do not allow for extra deposit to cover that extra risk..

    0
    0

    I agree with you . Over the years I have had poor financial situations with a variety of tenants just due to life.

    Working people who have gone through trying times. I have on occasions taken a few months rent held in deposit which they have been more than happy to give to enable them to have a tenancy. This may well spoil people with debt being able to take property in the furure .

    0
    0

    The pendulum has moved towards taking Personal Guarantee from 3rd parties in my opinion. Considering there is typically 4 weeks in a month, all this protects is one months missed payments and a scratch on a wall.

    If the government wants to remove Deposits as a form of security, landlords should take it elsewhere.

    3
    0

    _________________________________________________________________________


    The above post is not financial advice, its often me rambling - passing time on a coffee break.
    If you are looking for the Best BTL Mortgage? Call the Specialist Team at Bespoke Finance.


    _________________________________________________________________________

    That of course leaves SRS to house the destitute via needs-based allocation of the circa 365,000 annual voids across UK.

    0
    0

    Another nail in the coffin for the Private Landlord, and tighter consideration on tenant referencing - which will have an adverse effect on tenants seeing a home.  Shows a complete lack of understand by "government" for the basis on taking a deposit.

    0
    0

    Quality of tenants first and foremost...

    0
    0