Editor's note: This brief was summarised by The Property AI Newsroom from a report by Property118. Read the original article for full details.
Landlord Calls Deposit Transfer Process a “Sham”
A landlord in Nottingham has criticised the tenancy deposit system after encountering difficulties during the sale of a rental property. Mick Roberts, described as the largest landlord of benefit tenants in Nottingham, reported being unable to deregister a tenancy deposit while selling one of his houses to a new landlord.
Roberts described the deposit transfer process as a “sham” after being informed that he could not remove the deposit registration as part of the property sale. The situation highlights ongoing concerns among landlords regarding the procedures for handling tenancy deposits when ownership of a rental property changes.
This issue is particularly relevant for letting agents and inventory clerks involved in property sales and tenancy management, as it may affect the smooth transfer of deposits between outgoing and incoming landlords.
Source: Property118