My Letting Agent has gone bust, what happens to my deposit or bond?

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First steps

If your estate agent has gone bankrupt and ceased trading, you should stop paying rent to them, make contact with your landlord and start paying your rent directly to the landlord if possible.

Your deposit

Your deposit money is safe. Often the agent disappears with your deposit money and it seems like that deposit money is gone. Thankfully, tenants have many laws to protect themselves and their money in England or Wales. If your deposit money is protected in a Deposit Protection Scheme you can speak to the scheme at the end of the tenancy and get your money back. If you are not sure if your deposit is registered, please contact one of our trained advisors on 020 3476 6648 or use the contact form and we will find out for you.

If your deposit is not protected

If your deposit is not protected, then you are legally entitled to your full deposit back from the landlord, as well as 1 – 3 times your deposit amount as compensation.

Legislation was brought in to protect tenants who suffer because landlords choose unsuitable, untrustworthy, or inexperienced letting agents. Many landlords pick the cheapest letting agent and it is the tenant who suffers. That is why the Housing Act 2004 was brought in to give tenants essential protections and compensation entitlements.

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