- Media Centre
Monday 11th May 2015
Landlords should immediately review the deposits they are holding to determine whether they are protected under new tenant protection laws, or risk losing vital rights against some tenants.
From April 2007, landlords of assured shorthold tenancies (ASTs) have been required to protect the tenant’s deposit using an approved tenancy deposit scheme, and give the tenant ‘prescribed information’ about the scheme within 30 days after receiving the deposit. Failure to do so means (1) 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 (2) the landlord is not allowed to give the notice he would otherwise be able to give in order to recover the property from the tenant.
Several anomalies that arose under the 2007 rules have now been resolved by new laws now in force, as follows:
it must protect the deposit and give the prescribed information by 23 June 2015 (or earlier if a court is already considering possession proceedings or proceedings for failure to protect a deposit), or it will be unable to give notice to a tenant to recover the property, and will face financial penalties.
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Author: Paul Ridehalgh
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