UK Property Law
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Thanks for your question.
How is the 29k rental income constituted, does it all relate to one assure shorthold tenancy or a number of ASTs?
Has the agent lodged the deposits in the past and provided this service as part of their overall agency services to you?
I have 1 contract for 4 students.
The agreement does not state AST anywhwere!
'Agreement for letting a house on a contractual tenancy'
In the past i have used a different agency who have registered the deposit. I do not think that this agency provide the service.
Thanks for the reply.
If the £29, 000.00 pa income is derived from only one tenancy agreement then it cannot be an assured shorthold tenancy agreements. Any tenancy agreement from which the rent is over £25, 000.00pa cannot be an asured shorthold tenancy. You did not and do not have to lodge the deposit in a TDS.
If the rent were less than £25, 000.00 then you would have had to have lodged it and could have been looking at return the deposit to the tenants regardless of the state of repair of the property and paying a fine to them of three times the deposit amount. It does not matter that the tenancy agreement does not state itself to be an AST, all residential tenancies at rents less the £25k pa are automatically ASTs unless you serve the required form of notice upon the tenants prior to occupations stating that the tenancy is not to be an AST.
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On the facts, it does not impose an obligation upon you to lodge it with an TDS.
You may wish to check with the agent that he was aware that rents from one tenancy agreement that are over £25, 000.00 cannot be assured shorthold tenancy agreements.