Common use of Tenancy Deposits Clause in Contracts

Tenancy Deposits. 9.1 For Managed Lets (defined at Clause 17.1) deposits taken from the Tenants will be dealt with as follows: 9.1.1 For all Scottish properties, funds will be transferred to a scheme in terms of the Tenancy Deposit (Scotland) Regulations 2011 by The Agent. The Agent will hold the deposit until such time as it is transferred to a scheme of The Agent’s choosing. The Agent shall be able to transfer the deposit to a different scheme at their sole discretion. The Landlord will not be entitled to any interest accrued whilst the deposit is held by The Agent. Once the deposit is transferred to a scheme any interest accrued will be taken by the scheme in terms of the said Regulations. 9.1.2 For all English properties, funds will be registered to a scheme in terms of Sections 212 to 215 of, and Schedule 10 to, the Housing Act 2004 (as amended) by the Agent. The Agent will hold the deposit for the duration of the tenancy agreement and register it to a scheme of The Agent’s choosing. The Agent shall be able to transfer the deposit to a different scheme at their sole discretion. The Landlord will not be entitled to any interest accrued whilst the deposit is held by The Agent. 9.2 If The Agent is holding the tenancy deposit or such deposit is held by a registered Tenancy Deposit Scheme and The Landlord wishes it to be transferred to or registered with another approved Tenancy Deposit Scheme in Scotland or England and The Agent agrees (said agreement will not be unreasonably withheld), The Agent will as soon as practicable thereafter notify The Tenant and The Landlord of the details of said transfer. It is acknowledged that no liability whatsoever will attach to The Agent should he omit to do so.

Tenancy Deposits. 9.1 For Managed Lets (defined at Clause 17.1) deposits taken from the Tenants will be dealt with as follows: 9.1.1 For all Scottish properties, funds will be transferred to a scheme in terms of the Tenancy Deposit (Scotland) Regulations 2011 by The Agent. The Agent will hold the deposit until such time as it is transferred to a scheme of The Agent’s choosing. The Agent shall be able to transfer the deposit to a different scheme at their sole discretion. The Landlord will not be entitled to any interest accrued whilst the deposit is held by The Agent. Once the deposit is transferred to a scheme any interest accrued will be taken by the scheme in terms of the said Regulations.is 9.1.2 For all English properties, funds will be registered to a scheme in terms of Sections 212 to 215 of, and Schedule 10 to, the Housing Act 2004 (as amended) by the Agent. The Agent will hold the deposit for the duration of the tenancy agreement and register it to a scheme of The Agent’s choosing. The Agent shall be able to transfer the deposit to a different scheme at their sole discretion. The Landlord will not be entitled to any interest accrued whilst the deposit is held by The Agent. 9.2 If The Agent is holding the tenancy deposit or such deposit is held by a registered Tenancy Deposit Scheme and The Landlord wishes it to be transferred to or registered with another approved Tenancy Deposit Scheme in Scotland or England and The Agent agrees (said agreement will not be unreasonably withheld), The Agent will as soon as practicable thereafter notify The Tenant and The Landlord of the details of said transfer. It is acknowledged that no liability whatsoever will attach to The Agent should he omit to do so.