FROM TODAY’S QUEEN’S SPEECH

21st June 2017 By

  • Security deposits will no longer be able to exceed the value of one month’s rent. Compared to the restriction which already applied of one sixth the annual rent (aka two months’).
  • Holding deposits will no longer be able to exceed one week’s rent.
    There will need to be a consultation so date for implementation ‘some time in the future’.

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TENANCY DEPOSITS

16th February 2017 By

It is reported that many landlords and agents are failing to protect deposits.  I have put together a VERY short survey which I would be very grateful if you would find the time to complete.

https://www.surveymonkey.co.uk/r/YP7XQ8H

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DEPOSITS – ONLY ONE WEEK LEFT TO SORT OUT PROTECTION

16th June 2015 By

Did you take a deposit before 6 April 2007?

If you still hold that deposit against an AST (including periodic tenancies where you have allowed the tenancy to roll over from month to month) then you must protect it before 23 June.

If you do not protect then you may have problems regaining possession of your property using a Section 21 and you are liable to receive a fine of up to three times the deposit amount plus the original deposit.

Companies that you can use to secure deposit protection:

Deposit Protection Scheme
www.depositprotection.com/
Tel: 0330 303 0030.
Or write to:
The Deposit Protection Service
The Pavilions
Bridgwater Road
Bristol
BS99 6AA

MyDeposits
www.mydeposits.co.uk/
Tel: 0333 321 9401
Or write to:
myDeposits
Ground  Floor,
Kingmaker House,
Station Road,
New Barnet,
Hertfordshire,
EN5 1NZ.

Tenancy Deposit Scheme
www.tds.gb.com/
Tel: 0845 226 7837
Or write to:
Tenancy Deposit Scheme (TDS),
PO Box 1255,
Hemel Hempstead,
Herts,
HP1 9GN

 

 

 

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DPS REMINDS LANDLORDS TO PROTECT OLDER DEPOSITS BEFORE 23 JUNE DEADLINE

1st June 2015 By

The Deposit Protection Service (The DPS) has advised landlords and letting agents to act soon over older tenancy deposits now that new legislation has introduced a deadline for their protection.

Following the Deregulation Act, which passed into law at the end of March, landlords have until 23 June 2015 to protect deposits that were taken before 6 April 2007 and which they are still holding for periodic tenancies agreed on or after that date.

Periodic tenancies are those which continue on a period-by-period basis once the term specified in the original agreement has passed.

The Act has also clarified the uncertainty created by a June 2013 decision by the Court of Appeal in the Superstrike v Rodrigues case over the need for landlords to provide ‘prescribed information’ upon every renewal or the tenancy becoming periodic. The Act states that if the prescribed information has been validly given in relation to an initial tenancy, it does not need to be given again in respect of replacement tenancies (except where circumstances or details change).

Prescribed information is the information that a landlord must by law make available to the tenant about the deposit protection scheme protecting their deposit and other specific details about the deposit and tenancy.

Julian Foster, Managing Director of The DPS, said: “The DPS welcomes these changes, which provides much needed clarity over the protection of older deposits.

“It brings an end to confusion over the management of deposits taken before the legislation came into force that have been retained by landlords past their original tenancy period.

“The DPS will now help landlords and agents act in time to protect older deposits.”

 

 

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