Renew/ change tenant and avoid second deposit - keep in DPS

Tenant Discussion
1

Hi,

If a tenant wants to move out at the end of the fixed term and recieve his deposit back, but the remaining tenants wish to stay (and can replace the outgoing tenant) is there a way to do this and sign a new AST without all of the remaining tenants paying a new deposit out of pocket a second time.

Can we arrange it so that the tenants who are staying have their deposits kept at DPS, and the incoming tenant pays their share? The outgoing tenant receive their deposit back less deductions which the tenants can apportion between themselves. This avoids the financial difficulty of having to pay out a second deposit without havign received the first. Is it simply down to Open Rent facilitating such an agreement between landlord and tenants? If not is there an alternative?

Thanks

2

Hi,

Please refer to our Help Centre article on this matter:

If anything remains unclear, please do let us know.

Kind Regards,
George

3

Hi best end the current AST and start a new one this time register the deposit with the different tenants details with there share and paying to you , you have 28 days to register so for example breakdown the deposit if there £900 who can have 300 x 3 on same tenany register it three times with Dps so if one tenant leaves early you can close that tenany and still keep the other two running Basily using same tenany details three times with Dps that fine with the rules thanks mr moore