Final date for deposit scheme protection

June 10, 2015

The date is fast approaching when Landlords must comply to the new law in relation to tenancy deposit schemes, the date for the diary is 23rd June.
Any landlord holding a deposit taken prior to the 6th April 2007 which has not been protected by the 23rd June under one of the Tenancy Deposit Schemes currently in action could incurr serious financial sanctions being taken against them should this not be rectified.

The Deregulation Act, which came into force in March 2015, modified the rules on protecting tenants deposits in order to provide a definitive guideline in relation to landlords requirements and responsibilities.

 

As every landlord should know, where a tenant entered into an agreement and paid a deposit after 6 April 2007 the landlord was required to protect the deposit and give the tenant the required information, however where a tenancy started before this date and a deposit was paid, there was no legal requirement for the landlord to protect it, following a further change it stated that  provided the landlord complies with the act and protects a deposit paid to prior to 6th April 2007 by 23rd June this year no sanctions will be taken against them for failing to protect the deposit.

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

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