Common use of Tenancy Deposits Clause in Contracts

Tenancy Deposits. 9.1 For Managed Lets (defined at Clause 17.1(a)) deposits taken from the Tenants will be transferred to a scheme in terms of the Tenancy Deposit (Scotland) Regulations 2011 by The Agent. The Agent will hold the deposit until such time as it is transferred to a scheme of The Agent’s choosing. The Agent shall be able to transfer the deposit to a different scheme at their sole discretion. The Landlord will not be entitled to any interest accrued whilst the deposit is held by The Agent. Once the deposit is transferred to a scheme any interest accrued will be taken by the scheme in terms of the said Regulations. 9.2 If The Agent is holding the tenancy deposit or such deposit is held by a registered Tenancy Deposit Scheme and The Landlord wishes it to be transferred to another registered Tenancy Deposit Scheme and The Agent agrees (said agreement will not be unreasonably withheld), The Agent will as soon as practicable thereafter notify The Tenant and The Landlord of the details of said transfer. It is acknowledged that no liability whatsoever will attach to The Agent should he omit to do so. Additional charges for this service will apply at The Agent’s professional hourly rate (as detailed in the Schedule attached). 9.3 For Managed Lets (defined at Clause 17.1(a)) if there is to be retention from the tenancy deposit at the end of the tenancy, and there is agreement between The Landlord and The Tenant, The Agent will apply to the scheme for division and return of the deposit as per the aforementioned agreement. 9.4 For Tenant Find Only lets (defined at Clause 17.1(b)) a deposit taken from The Tenant will be passed to The Landlord to lodge with an approved Tenancy Deposit Scheme. Thereafter, unless otherwise agreed, it will be for The Landlord to apply to the scheme for division and return of the deposit at the end of the tenancy. 9.5 Any deductions to the deposit can only be made in accordance with the deposit clause in the lease and in terms of the Tenancy Deposit (Scotland) Regulations 2011 and the rules of the scheme. 9.6 In the event that a dispute arises between The Landlord and The Tenant with regards to the distribution of the deposit, and the scheme refer the matter to their dispute resolution mechanism, The Agent can act on The Landlord’s behalf. Additional charges for this service will apply at The Agent’s Professional hourly rate (as detailed in the Schedule attached).

Tenancy Deposits. 9.1 For Managed Lets (defined at Clause 17.1(a)17.1) deposits taken from the Tenants will be transferred to a scheme in terms of the Tenancy Deposit (Scotland) Regulations 2011 by The Agent. The Agent will hold the deposit until such time as it is transferred to a scheme of The Agent’s choosing. The Agent shall be able to transfer the deposit to a different scheme at their sole discretion. The Landlord will not be entitled to any interest accrued whilst the deposit is held by The Agent. Once the deposit is transferred to a scheme any interest accrued will be taken by the scheme in terms of the said Regulations. 9.2 If The Agent is holding the tenancy deposit or such deposit is held by a registered Tenancy Deposit Scheme and The Landlord wishes it to be transferred to another registered Tenancy Deposit Scheme and The Agent agrees (said agreement will not be unreasonably withheld), The Agent will as soon as practicable thereafter notify The Tenant and The Landlord of the details of said transfer. It is acknowledged that no liability whatsoever will attach to The Agent should he omit to do so. Additional charges for this service will apply at The Agent’s professional hourly rate (as detailed in the Schedule attached). 9.3 For Managed Lets (defined at Clause 17.1(a)) if there is to be retention from the tenancy deposit at the end of the tenancy, and there is agreement between The Landlord and The Tenant, The Agent will apply to the scheme for division and return of the deposit as per the aforementioned agreement. 9.4 For Tenant Find Only lets (defined at Clause 17.1(b)) a deposit taken from The Tenant will be passed to The Landlord to lodge with an approved Tenancy Deposit Scheme. Thereafter, unless otherwise agreed, it will be for The Landlord to apply to the scheme for division and return of the deposit at the end of the tenancy. 9.5 Any deductions to the deposit can only be made in accordance with the deposit clause in the lease and in terms of the Tenancy Deposit (Scotland) Regulations 2011 and the rules of the scheme. 9.6 9.5 In the event that a dispute arises between The Landlord and The Tenant with regards to the distribution of the deposit, and the scheme refer the matter to their dispute resolution mechanism, The Agent can act on The Landlord’s behalf. Additional charges for this service will apply at The Agent’s Professional hourly rate (as detailed in the Schedule attached).

Tenancy Deposits. 9.1 For Managed Lets 5.1 The deposit will be held in accordance with the terms of the Tenancy Agreement 5.2 If a Tenant pays a deposit in connection with an assured shorthold tenancy (defined at Clause 17.1(a)“AST”) deposits taken the deposit must, from the Tenants moment it is received, be dealt with in accordance with a government-authorised tenancy deposit protection scheme 5.3 We are a member of the Tenancy Deposit Scheme, which is a government-authorised tenancy deposit protection scheme, administered by: The Dispute Service Limited West Wing, First Floor, The Maylands Building, 000 Xxxxxxxx Xxxxxx, Xxxxx Xxxxxxxxx, XX0 0XX 5.4 If we receive an AST deposit on your behalf, we will serve the prescribed information and comply with the initial requirements of the Tenancy Deposit Scheme on your behalf, unless you give us prior written instructions to the contrary before we receive the deposit 5.5 If you do not want us to protect the deposit on your behalf, it will be transferred your responsibility to protect it as required by law. A valid notice seeking possession under s21 of the Housing Act 1988 cannot be served on a Tenant whose deposit is not protected. A Tenant or any Relevant Person may apply through the courts for compensation of at least the amount of the deposit, and up to three times the deposit, if the Landlord (or someone acting on the Landlord’s behalf): a) fails to give prescribed information within the Statutory Time Limit; or b) fails to comply with the initial requirements of an authorised scheme within the Statutory Time limit; or c) notifies the Tenant or Relevant Person that the deposit has been protected in a scheme, but the Tenant or 5.6 If you do not give us written instructions that you want to make your own arrangements for deposit protection, we will hold deposits relating to your properties under the terms of the Tenancy Deposit (Scotland) Regulations 2011 by The Agent. The Agent will hold the deposit until such time as it is transferred to a scheme of The Agent’s choosing. The Agent shall be able to transfer the deposit to a different scheme at their sole discretion. The Landlord will not be entitled to any interest accrued whilst the deposit is held by The Agent. Once the deposit is transferred to a scheme any interest accrued will be taken by the scheme in terms of the said Regulations. 9.2 If The Agent is holding the tenancy deposit or such deposit is held by a registered Tenancy Deposit Scheme and The Landlord wishes it to be transferred to another registered Tenancy Deposit Scheme and The Agent agrees (said agreement will not be unreasonably withheld), The Agent will as soon as practicable thereafter notify The Tenant and The Landlord of the details of said transfer. It is acknowledged that no liability whatsoever will attach to The Agent should he omit to do so. Additional charges for this service will apply at The Agent’s professional hourly rate (as detailed in the Schedule attached). 9.3 For Managed Lets (defined at Clause 17.1(a)) if there is to be retention from the tenancy deposit at the end of the tenancy, and there is agreement between The Landlord and The Tenant, The Agent will apply to the scheme for division and return of the deposit as per the aforementioned agreement. 9.4 For Tenant Find Only lets (defined at Clause 17.1(b)) a deposit taken from The Tenant will be passed to The Landlord to lodge with an approved Tenancy Deposit Scheme. Thereafter, unless otherwise agreed, it will be for The Landlord to apply to the scheme for division and return of the deposit at the end of the tenancy. 9.5 Any deductions to the deposit can only be made in accordance We must comply with the deposit clause in the lease and in terms of the Tenancy Deposit (Scotland) Regulations 2011 and the rules of the schemeScheme, and this means that we will not be able to act on your instructions with regard to the deposit if those instructions conflict with the Scheme rules. 9.6 In 5.7 The Scheme rules are available to view and download from xxx.xxxxxxxxxxxxxxxxxxxx.xxx. 5.8 During the event that tenancy, the deposit will be held by the Tenancy Deposit Scheme Custodial. 5.9 Under this scheme, undisputed deposits must be released to the Tenant within ten days of termination of the tenancy. We take no responsibility for the failure of a deposit being registered where it is held by the Landlord or an alternative appointed agent. 5.10 Where the tenancy is not an AST, the deposit does not have to be protected by law. However, the Tenancy Deposit Scheme will make its independent alternative dispute resolution service available to you as our client, because we are a member of theScheme. 5.11 If a dispute arises between The Landlord you, we or the Tenant will contact theScheme. Then: a) the Scheme will propose what they consider to be the most effective way of resolving the dispute (assisted negotiation, mediation, adjudication or arbitration); b) you, we and The Tenant with regards the Tenants must consent in writing to the distribution proposed method if we all want to proceed (if we don’t, the options are to negotiate or litigate); c) the parties will have to pay a fee of £500 + VAT (or such other minimum fee as the Scheme may set from time to time) or 10% of the depositdeposit plus VAT, whichever is the larger amount. 5.12 The Scheme will not start the dispute resolution process until all parties have agreed in writing to use the Scheme and paid the applicable fee and the scheme refer disputed deposit to the matter to their dispute resolution mechanism, The Agent can act on The Landlord’s behalf. Additional charges for this service will apply at The Agent’s Professional hourly rate (as detailed in the Schedule attached)Scheme.

Tenancy Deposits. 9.1 For Managed Lets (defined at Clause 17.1(a)) and Rent Collection Lets (defined at Clause 17.1(b)) deposits taken from the Tenants will be transferred to a scheme in terms of the Tenancy Deposit (Scotland) Regulations 2011 by The Agent. The Agent will hold the deposit until such time as it is transferred to a scheme of The Agent’s choosing. The Agent shall be able to transfer the deposit to a different scheme at their sole discretion. The Landlord will not be entitled to any interest accrued whilst the deposit is held by The Agent. Once the deposit is transferred to a scheme any interest accrued will be taken by the scheme in terms of the said Regulations. 9.2 If The Agent is holding the tenancy deposit or such deposit is held by a registered Tenancy Deposit Scheme and The Landlord wishes it to be transferred to another registered Tenancy Deposit Scheme and The Agent agrees (said agreement will not be unreasonably withheld), The Agent will as soon as practicable thereafter notify The Tenant and The Landlord of the details of said transfer. It is acknowledged that no liability whatsoever will attach to The Agent should he omit to do so. Additional charges for this service will apply at The Agent’s professional hourly rate (as detailed in the Schedule attached). 9.3 For Managed Lets (defined at Clause 17.1(a)) and Rent Collection Lets (defined at Clause 17.1(b)) if there is to be retention from the tenancy deposit at the end of the tenancy, and there is agreement between The Landlord and The Tenant, The Agent will apply to the scheme for division and return of the deposit as per the aforementioned agreement. 9.4 For Tenant Find Only lets (defined at Clause 17.1(b17.1(c)) a deposit taken from The Tenant will be passed to The Landlord to lodge with an approved Tenancy Deposit Scheme. Thereafter, unless otherwise agreed, it will be for The Landlord to apply to the scheme for division and return of the deposit at the end of the tenancy. 9.5 Any deductions to the deposit can only be made in accordance with the deposit clause in the lease and in terms of the Tenancy Deposit (Scotland) Regulations 2011 and the rules of the scheme. 9.6 In the event that a dispute arises between The Landlord and The Tenant with regards to the distribution of the deposit, and the scheme refer the matter to their dispute resolution mechanism, The Agent can act on The Landlord’s behalf. Additional charges for this service will apply at The Agent’s Professional hourly rate (as detailed in the Schedule attached).