REFUND POLICY
Pre-Contract Deposits/Refund Policy
Privacy
LYL Homes Ltd operates within the bounds established by the Data Protection Act 2018. We recognise that this legislation represents implementation of GDPR. We therefore, confirm our adherence to the strict rules of personal data protection.
Telephone Call Recording
We hold the rights to record all telephone calls. The recordings obtained may be used for training and quality purposes, to investigate complaints, to ensure that we comply with regulatory procedures and to provide evidence, or for the use of court proceedings.
Code of Practice, Complaints and Statutory Rights
We are a member of The Property Ombudsman Scheme (TPO) and comply with the Property Ombudsman Code of Practice redress and complaints procedure details of which can be obtained from www.TPOS.co.uk
Entire Agreement, Variation and Jurisdiction
This contract sets out the entire agreement between LYL Homes Ltd and the seller of the property, replaces all prior agreements, and no amendment or variation to this contract will have any contractual effect unless approved in writing by a director of LYL Homes Ltd. The Courts of England and Wales have exclusive jurisdiction to determine any action or proceedings relating to this agreement. LYL Homes is a trading style of LYL Homes Ltd, registered in England and Wales, No. 10000000 Registered Office: 00 Street, Town, Essex, POSTCODE
--
Terms and Conditions - LETTINGS
Terms and Conditions for Holding Deposit
1. Holding Period
The property will be marketed as 'let agreed' in favour of the prospective tenant and the holding deposit will be held for a maximum period of 21 days.
2. Forfeiture of Holding Deposit
The holding deposit will not be refunded and will be retained by LYL Homes Ltd to cover costs in the following circumstances:
- If the prospective tenant fails to progress the tenancy within the 21-day holding period.
- If the prospective tenant provides false or misleading information.
This decision will be confirmed to the prospective tenant in writing within 7 days of the determination.
3. Refund of Holding Deposit
The holding deposit will be refunded in full to the prospective tenant in the following circumstances:
- If the landlord rejects the prospective tenant based on the results of credit checks, referencing, or other vetting information.
- If the landlord fails to progress the tenancy for reasons other than those stated in Section 2.
4. Application of Holding Deposit
The holding deposit will be credited towards the first month's rent upon completion of the letting agreement.
5. Confirmation and Communication
All decisions regarding the retention or refund of the holding deposit will be communicated to the prospective tenant in writing within 7 days of the decision being made.
6. Legal Compliance
These terms and conditions comply with the relevant legislation governing holding deposits and tenancy agreements.
Agreement for the Tenancy Deposit Protection
1. Deposit Cap
The tenancy deposit requested will not exceed the following limits:
- Five weeks' rent for properties with an annual rent of less than £50,000.
- Six weeks' rent for properties with an annual rent of £50,000 or more.
2. Deposit Protection
If a deposit is required, it will be protected in a government-approved scheme. The schemes either hold the money or insure it. For assistance with securing a deposit, prospective tenants are advised to contact their local council for advice on bond or guarantee schemes.
3. Deposit Replacement Products
As an alternative to a cash deposit, a deposit replacement product may be offered.
- The use of a deposit replacement product is optional and cannot be mandated by the landlord or LYL Homes Ltd.
- Various deposit replacement products are available, typically requiring a non-refundable fee upfront (often equivalent to one week's rent) and/or a monthly payment during the tenancy.
- Tenants remain responsible for the costs of any damages at the end of the tenancy and may need to pay an excess on any claim for damages or unpaid rent.
- It is strongly advised to review the terms and conditions of any deposit replacement product and verify its regulation by the Financial Conduct Authority.
4. Requesting Deposit Return
To request the return of a deposit, a formal request must be made in writing to the landlord or LYL Homes Ltd, allowing 10 calendar days for a response. However, the deposit does not need to be returned within this timeframe. LYL Homes Ltd can be contacted via email to lettings@lyl.homes or in writing to our address ().
5. Deductions from Deposit
The landlord or LYL Homes Ltd may request to retain some or all of the original tenancy deposit to cover expenses such as cleaning or damage. Tenants can agree, negotiate, or dispute this amount.
6. Agreed Returns
If the deposit is protected in an insured scheme and an agreement on the return amount is reached, tenants can discuss with the landlord or agent how and when the deposit will be returned.
If the deposit is protected in our custodial scheme, tenants can log into their online account and request the agreed deposit amount to be returned.
7. Dispute Resolution
If an agreement on the deposit amount cannot be reached, a free resolution service is available.
- All parties must agree to use the resolution service.
- The resolution service must be used within three months of the move-out date or the date the deposit becomes unprotected, whichever is sooner.
8. Communication and Timelines
All communication regarding the deposit and any decisions will be made in writing within 10 calendar days of the formal request.
These terms and conditions comply with the relevant legislation governing tenancy deposits and dispute resolution.
--
Terms and Conditions - SALES
Acceptance of an Offer
LYL Homes Ltd will hold a deposit on acceptance of an offer and then make a full refund to both the seller and purchasers of an estate.
Agreement for the Deposit
LYL Homes Ltd ensures that before holding any deposit, there is an agreement by all parties involved. We will provide you with a copy of the agreement.
Deposit Amount
LYL Homes Ltd requires both the estate seller and purchaser to pay the deposit before commencing any services including but not limited to the file and marking of the property as SSTC. By virtue of your involvement in this agreement as a seller or purchaser, both of you agree to pay a deposit of £500.
Termination of the Agreement
Should any of the parties decide to pull out of the transaction, 50% of their deposit will go to the other party involved in the transaction while the other 50% will go to LYL Homes Ltd to help recoup any monies lost in time and other related third party costs.
Refund of the Deposit
LYL Homes Ltd will make a full refund of the deposit under the following circumstance:
If any either the property seller or purchaser in the transaction title become redundant subject to the submission of a redundancy letter. By being redundant, LYL Homes Ltd considers the client’s services as no longer necessary for successful completion of the transaction.
In case of extreme circumstances including terminal illness or death, LYL Homes Ltd will provide a full refund to both parties. If any party in the transaction becomes critically ill to an extent that they cannot perform their obligations in the agreement. This condition is subject to provision of a valid Doctor’s confirmation letter.