New guidance: Updated guide to deposits, disputes and damages for residential landlords
Residential landlords will welcome publication of an updated guide to the three tenants' deposit protection schemes they must choose from when taking deposits from tenants.
Landlords of residential assured shorthold tenancies must protect tenants' deposits using one of three tenancy deposit protection schemes; and give the tenant 'prescribed information' about the relevant scheme within 30 days after receiving the deposit. Failure to do so means:
landlords may have to pay a financial penalty of up to three times the deposit to the tenant at the end of the tenancy, and
the landlord is not allowed to give the notice he would otherwise be able to give to recover the property from the tenant
Each scheme operates a dispute resolution procedure for disputes between landlords and tenants about the return of deposits.
The three schemes have collaborated to publish an updated Guide to Deposits, Disputes and Damages. This will make it easier for residential landlords (and their tenants) to understand and comply with the rules, and explains the disputes resolution procedures under each scheme.
Download the Guide from the depositprotection.com website
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