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New law requires landlords to register tenancy deposits
Written by The Law Store
Coming into force on the 23rd June, landlords will need to have registered their tenants deposits in a government approved scheme under the new Deregulation Act. This new Act will help to ensure that more tenancy deposits are under deposit protection law. This however only applies to tenancy deposits received before 6th April 2007. If a landlord fails to register the deposits, they could face a penalty between one and three times the value of the deposit and restrictions on regaining possession of their property.
This change has been brought about by an urgent need to clarify the law in regards to which deposits must be protected and in what circumstances prescribed information documents must be given to tenants. If a landlord fails to give their tenant full written information about their protection, the landlord may face a fine regardless of whether the deposits is protected or not.
Time is however running out! If you are a landlord, deposits must be protected by 23rd June 2015 if received before 6th April 2007 and if the tenancy is renewed on a periodic basis after this date. If the tenancy is renewed on a periodic basis before 6th April 2007, deposit protection is not compulsory. However, it is important to note that the landlord will still be prevented from regaining possession using the standard section 21 notice unless they protect or return the money.
In England and Wales, your deposit can be registered with:
Deposit Protection Service
Tenancy Deposit Scheme
Landlords and letting agents must place their tenants deposits within a tenancy deposit scheme within 30 days of receiving it.
If you have a landlord or tenant issue you would like to discuss, simply create a discussion on our landlord and tenant forum.