Purplebricks refuses to give details of tenancy deposit failure

Purplebricks refuses to give details of tenancy deposit failure


Todays other news
RICS has been embroiled in controversies in recent years....
Many agents remain uncertain about where they stand...
The companies are Street Group and Goodlord...
Rent rises put down to ‘station surge’...


Purplebricks is refusing to say how many tenants and landlords were affected by its failure to comply with the law requiring deposits to be placed in a government-backed scheme.

It is also refusing to say how long tenancy deposits were held by the agency before they were eventually placed in an approved scheme.

The refusal to answer these questions follows the revelation that an unknown number of deposits taken from tenants by Purplebricks were not registered with any one of the three government-backed schemes – they’re operated by MyDeposits, Deposit Protection Service and the Tenancy Deposit Scheme.

It is reported that some landlords could face penalties due to Purplebricks’ error if it emerges that the deposits were not protected with a government recognised scheme within 30 days – Purplebricks is refusing to say whether that was the case.

A statement from the agency says: “Due to the introduction of a new lettings IT system, a small number of tenant deposits were not paid into an authorised deposit scheme. As soon as we identified this issue, we took action and have now registered these deposits. We are currently communicating to the affected landlords and tenants.”

A spokeswoman adds: “We won’t be answering any other questions.”

Share this article ...

Join the conversation: Login and have your say

Want to comment on this story? Our focus is on providing a platform for you to share your insights and views and we welcome contributions. All comments are screened using specialist software and may be reviewed by our editorial team before publication. Letting Agent Today reserves the right to edit, withhold or delete comments that violate our guidelines, including those that harass, degrade, or intimidate others. Users who post such content may be banned from commenting.
By commenting, you agree to our Commenting Terms of Use.
1 Comment
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Recommended for you
Related Articles
Reposit will now be offered to residents at 12 Build...
flatfair has struck a deal with one of Europe’s largest...
Knight Frank, which founded OnTheMarket, has signed a three-year deal...
South East property group Beresford has secured sponsorship from Rightmove...
It now progresses to the so-called Report Stage....
The BoE has come to a decision on interest rates...
The House of Lords committee stage now continues until May...
Recommended for you
Latest Features
RICS has been embroiled in controversies in recent years....
Many agents remain uncertain about where they stand...
Sponsored Content
With less than a month to go until the UK...
The UK government has implemented 16 financial sanctions rule changes...
The owners of the Rentman software application (for property Lettings...

Send to a friend

In order to send this article to a friend you must first login. Click on the button below to login or sign up.

No one likes pop-ups ...
But while you're here