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A letting agent terms of business agreement allows a letting agent to manage part or all of the lettings process of a property on behalf of a landlord. A let only letting agent will source a tenant and hand over the management to the landlord at the start of a tenancy. A full management letting agent will manage all aspects of the tenancy before and during the tenancy.
A let only letting agent will source a tenant and conduct credit and reference checks to determine their suitability for the tenancy. A let only agent can also prepare an inventory for the property and collect and register deposits on behalf of the landlord.
A deposit is capped to 5 weeks' rent and is used by the landlord to cover potential rent arrears or repairs the tenant is responsible for. A deposit must be registered in one of the 3 government tenancy deposit schemes within 30 days of collecting the deposit.
If a let only agent is registering the deposit, it is important that the deposit is registered in the landlord's name as the agent will not manage the property or have any obligations towards the landlord after the start of the tenancy.
A letting agent terms of business must indicate the deposit scheme the letting agent will use when registering the deposit for the property.