Tenancy Deposit Protection - Time Is Running Out
If you are a landlord of residential property and you let it out under an assured shorthold tenancy, you should note that the rules relating to the registration of the rent deposit changed on 6 April 2012. You must ensure that, in respect of all rent deposits that you currently hold, they are correctly registered before 6 May 2012, and that you have sent the necessary certificate and the information prescribed by the legislation to all parties who are entitled to receive it within 30 days of receipt of the deposit.
If the tenancy was granted before 6th April 2012 and the procedure for protecting the deposit has not been dealt with, there is only until 6th May to sort the matter out. You will not be able to register a deposit after this date. Late registration will mean you won't be able to obtain an order for possession from the Court and the tenant will be able to bring a claim against you for failure to register which could result in damages being awarded against you upto three times the amount of the deposit.
If you haven't registered your tenant's deposit then you must do so now. For further advice on these important changes and how they will affect you, please contact a member of our Property Department on 01306 880110.