Hi everyone
I bought a house recently. It came with tenants, but only one (let's call him John) has signed the tenancy agreement. But several of them paid bond when they moved in years ago. The vendors had been living in the house, so the tenants were their flatmates, so the vendors never lodged the bond. Instead, they've given the bond to me as part of the purchase process.
I'm not living in the place, so the tenants aren't my flatmates, they're John's flatmates. So what do I do with their bond?
When I drag my memory back to my flatting days, I think this got handled by everyone paying bond to John, and John paying that bond to the landlord. Then when people left the flat, John would refund their bond and take a bond payment from the next flatmate. When John left, he'd get the whole of the bond refunded and have to distribute it to the remaining flatmates. That isn't an option for us because John isn't good with money, so there's no way he'd keep the money to refund everyone.
John is one of the tenants who's paid bond, so I guess I need to lodge his bond. But what about the others? Does anyone know whether I need to - or can - lodge theirs too, even though their names aren't on the tenancy agreement?
Thanks!
I bought a house recently. It came with tenants, but only one (let's call him John) has signed the tenancy agreement. But several of them paid bond when they moved in years ago. The vendors had been living in the house, so the tenants were their flatmates, so the vendors never lodged the bond. Instead, they've given the bond to me as part of the purchase process.
I'm not living in the place, so the tenants aren't my flatmates, they're John's flatmates. So what do I do with their bond?
When I drag my memory back to my flatting days, I think this got handled by everyone paying bond to John, and John paying that bond to the landlord. Then when people left the flat, John would refund their bond and take a bond payment from the next flatmate. When John left, he'd get the whole of the bond refunded and have to distribute it to the remaining flatmates. That isn't an option for us because John isn't good with money, so there's no way he'd keep the money to refund everyone.
John is one of the tenants who's paid bond, so I guess I need to lodge his bond. But what about the others? Does anyone know whether I need to - or can - lodge theirs too, even though their names aren't on the tenancy agreement?
Thanks!
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