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I lived abroad for a few months and while I was away I asked my brother to find tenants to live in my BTL. He did exactly as I said and obtained the relevant deposit. However, as he is unaware of the BTL rules & regulations, he did not register the deposit and since I was busy enjoying my holidays, I forgot to tell him that he needs to register the deposit.
Recently, the tenant found out that the deposit is not registered and in the process of taking me (being the landlord) to court on the basis that I did not register the deposit.
Can someone be kind enough to advice if there is any way out of this or would I end up paying a penalty (I think it is 3 times the amount of the deposit !!).
Any advice greatly appreciated.
I do not believe that there is any way out. Expect the tenant to be awarded three times the deposit plus of course the original deposit returned. In addition the tenant’s solicitor will probably want a hefty fee which could be as much as £20,000. A colleague recently received a bill for a total of nearly £30,000 for allegedly omitting a single page of a deposit protection document. Welcome to the modern world of landlording.
Now does everybody understand why I do not take deposits.
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