Hi
I have only just started using Open Rent. I used the full service and open rent have registered the deposit.
Is there any way I can hold the deposit in my property account rather then open rent and then at end return the deposit via any deductions.
I can’t seem to find answer on website
Thanks
Suggest you do some landlord training as you don’t appear familiar with the law here.
It has to go into a protected system that you do not solely control
If you controlled it you could keep it all even when tenants move out and property left in immaculate condition. Thats what things like tds are trying to stop. They sit in the middle and make decisions
I believe TDS offer an insured service for a small cost, where the landlord holds the deposit.
Check the TDS website for full details
It is a legal requirement. You Can’t apply for a section 21, etc should anything go wrong without doing having the deposit on a DPs. You can take the risks if you wants. DPS is usually more favoured to the tenants anyhow. Also they are trying to change the Law so its harder for Landlords to apply for sections 21s, etc anyway
Usually, more on the Tenants side from hearsay
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