Time is running out to protect deposits
Fri 05 Jun 2015
Landlords are reminded that they have less than 3 weeks left to protect tenancy deposits with one of the three government approved schemes. After 23rd June all deposits must be registered with either mydeposits, the Deposit Protection Service or the Tenancy Deposit Scheme.
A small number of deposits are exempt but virtually all will now have to be protected. Under the Deregulation Act landlords could face a financial penalty of up to 3 times the value of the deposit and have difficulty regaining possesion of their property if they do not comply.
It is worth remembering that even if the deposit is registered in one of the schemes the landlord or letting agent must also issue the correct prescribed information to the tenant.
January 2015View older stories >
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