I am a live in landlord and have an HMO license and have rented out for years. I am currently converting some rooms to be rented out so am just doing Airbnb for now until rooms are finished.
All my Lodger’s will have an excluded occupier contract. Am I under the same rules as for tenants when it comes to deposits etc? Before the new rules I could hold deposits without the usual rules re the bank formality! and have a months rent so am wondering if I could still do this?
Hi Denise
I don’t know the specific answer, but the penalties for holding a deposit in the old fashioned way in your bank account are very expensive if you are wrong and get caught!
I find that the DPS run a good service and include a arbitration service if needed at the end of the tenancy. But you may be able to access an insurance based solution via a landlords’ association or whatever.
In short I would recommend complying with the new (ish) deposit arrangements; they are not too difficult and tenants increasingly expect it as standard. Hope the refurb. goes well!