When should a deposit be taken?

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J
James0071
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We are moving to a new property and are going to let out the property in which we currently reside. We have agreed a tenancy directly with some prospective tenants, to start towards the end of May. We have exchanged and have a completion date well in advance of the tenancy agreement date.

The tenants have told us that they have given notice to the letting agents of their previous property. In order to have some assurance that they are serious about moving in we would like the new tenants to sign an agreement as soon as possible, but would also like to know when we should request to have the deposit paid. Is it acceptable to have the agreement signed and the deposit paid before the day the tenancy agreement begins, or should it be on the day of tenancy commencement?

Thanks.

29/04/2010 00:00

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