Tenancy Deposit Scheme

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M
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Late at night and I should be in bed but heigh ho, how about this... I would appreciate your comments on the legality of the following suggestion in lieu of the Tenancy Deposit Scheme.

Instead of taking a deposit or 2+ months rent in advance, one charges an agreement fee of 600. If the tenant pays their rent in a timely fashion and leaves the property as they found it, then one would pay them a 400 cash-back at the end of the tenancy.

Workable? Legal? Or can you spot any loopholes or drawbacks assuming the AST reflects all of the above?
Thanks

Mark

14/03/2007 00:00

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