Following on from our recent blog Not such a Good Friday for the Private Rented Sector…?; which highlighted the new legislation, whereby you must protect all of your tenants’ deposits, whether they are existing or new tenants, within 30 days of a tenancy starting – Landlords now have until tomorrow (5th May 2012) to put right any existing failures to comply with the new deposit requirements.
New rules mean that landlords must comply with tenancy protection requirements, including the need to give prescribed information. If you fail to do this, you face financial penalties and the loss of the right to use Section 21.
The new rules apply to all new deposits taken on or after 6th April 2012 AND they are also back dated to all existing deposits held on that date which should have been protected (unless the tenancy has already ended no later than 5th April 2012).
Join our on-going discussion on this new legislation HERE.
Tenant’s Voice Post: Can I say no the the deposit scheme?
To ensure you comply the RLA have published a number of handy guides and check lists, at the following website links ;