Do I need to re-protect my deposits?Make Text Bigger
I have been told that I need to issue another Deposit Protection Certificate when my fixed term Assured Shorthold Tenancy agreement “AST” reverts to a Statutory Periodic Tenancy “SPT”. Is this correct and if so, do I need to pay to re-protect the deposit with the insurance backed schemes such as My Deposits, The Dispute Service “TDS” and Deposit Guard?
I have also heard that the Deposit Protection Service “DPS” service need to be informed when a tenancy reverts to a Statutory Periodic.
I have looked at all of the deposit protection scheme websites to try to find the answer for myself and if anything I’m even more confused than when I first started looking into this.
Please put this question to you panel of experts at Property118 as I am very worried that if this is right, along with no doubt most other landlords I am breaking the law and potentially liable to pay 3 times the deposit back to all of my tenants whose tenancies have rolled over onto SPT’s since 5th April 2012. In my case this would amount to liabilities which would probably bankrupt me and given that the law is that all deposits needed to be protected within 30 days post 5th April 2012 there’s not a thing I can do about it.
I am a landlord in England so this question relates primarily to the laws in England and Wales. However, I am considering investing into Glasgow too so if anybody can tell me how it works up there in Scotland, given that they only have custodial deposit protection schemes, I would also be interested in that too.
Thank you for your help.
UPDATE ADDED BY MARK ALEXANDER – 13:54 on 19th December 2012
Tweets from DPS and MyDeposits below – HOWEVER – also see comments from TDS and others below this post.
@iamalandlord Hi, we do not need to be informed if a tenancy reverts to Statutory Periodic. This is the same for England & Wales & Scotland
@iamalandlord Hi, we do not need to be informed if a tenancy reverts to Statutory Periodic. This is the same for Enlgand & Wales & Scotland
— The DPS (@The_DPS) December 19, 2012
— my|deposits (@mydeposits) December 19, 2012
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