No – The Deposit is the tenant’s Deposit so you have 3 options:
1. If the buyer has a Deposit Protection Service (DPS) account, ask them to provide their Landlord ID and effect a direct transfer within the Deposit scheme on the day of completion
2. Initiate the release of the Deposit to the tenant and the buyer will need to make arrangements with the tenant on the day of completion to obtain the Deposit from the tenant
3. Obtain consent from the tenant to release their Deposit from the DPS to your bank account. Once agreed, we can initiate the release of the Deposit from the DPS and the tenant will need to authorise the release before the Deposit is received by you.
On the day of completion the buyer is deemed to have ‘received’ the Deposit (even though they may not have received any Deposit monies) and their obligations within the Deposit protection legislation apply.
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