The countdown to nationwide tenant deposit protection is on as Scotland joins the scheme already running in England and Wales from July 2.
The Scottish Government has approved two more protection schemes, giving landlords and letting agents the choice of three. Continue reading Landlords face compulsory nationwide deposit protection
Tenant deposit protection is rigged against landlords and letting agents – while a large number of tenants are unaware of the scheme, according to a new survey.
Landlords are overwhelmingly against deposit protection – more than half (54%) claim the scheme favours tenants and more than a third (35%) consider no one benefits from the laws. Continue reading Landlords claim deposit protection is rigged against them
With the tenancy deposit protection changes coming into force overnight, research by digital inventory platform Imfuna has found 0% of landlords questioned felt deposit protection schemes are designed in favour of landlords.
Over half of those questioned, 54%, believed they are designed to favour the tenant. Letting agents appeared to agree, 52% had tenants being favoured. Continue reading Landlords and Tenancy Deposit Schemes – A rocky relationship?
Landlords failing to protect a tenants buy to let deposit face tougher penalties under new laws that come in to force from April 6, 2012.
The government has closed holes in the tenancy deposit protection schemes after a number of high profile court cases slated the current rules as poorly drafted and impossible to police. Continue reading Landlords face tougher deposit protection rules
Are you looking for a legal update in relation to landlord matters north of the border, in particular the tenancy deposit scheme? We’ve been regular readers and admirers of the Property118 blog for some time and have always had the strange idea that perhaps something was missing. We now think it might be the lack of blog articles from someone in Scotland. To those of you who don’t know, Scotland is that bit of Britain which is much further north than the area that everyone in London calls “the North”. As someone who lives in a place where Manchester is 200 miles to the south, I always find it highly amusing to hear Mancunians called “northerners”. Continue reading Landlord Legal Update – for the real Northerners (…Scotland)
As regular readers of P118 will know, the rocky road of tenancy deposits was pretty much a farce from its introduction in 2007 and has been right up to the present day.
I’ve been involved in housing law for most of my working life and I have to say I have never seen anything quite like it. The law unraveled faster than Jeffrey Archer in a witness stand. Continue reading Localism and Tenancy Deposits
New tenancy deposit protection laws on the way
Discussions to change tenant deposit protection rules for landlords are going on behind closed doors, according to information leaked by the Residential Landlords Association.
After a succession of court rulings rubbishing current tenant deposit rules, the government wants to tighten up the law. Continue reading New tenancy deposit protection laws on the way
Landlords could face big fines if they do not act to comply with changes to assured shorthold tenancy agreements from next month.
The change means compulsory tenancy deposit protection comes in to force for assured shorthold tenancies for rent up to £100,000 a year from October 1, 2010. Continue reading Big fines for landlords who flout new tenancy rules. Student landlords are particularly at risk under the new rules, as many students will move in to rented homes that come under the regulations before October 1, and their deposits must go on protection by October 15
For all tenancy agreements that started on or after 6th April 2007 landlords are required to protect their tenant’s deposit using one of the Government authorised schemes. Within fourteen days of receiving the deposit, the landlord is required to inform the tenant of how it is protected.
There are three schemes:
- Two which are Insurance based, allowing landlords to hold the deposits themselves; the Tenancy Deposit Scheme run by the Dispute Service and MyDeposits
- One which is custodial based, thus allowing the company to hold the full deposit until the end of the tenancy on the landlord’s behalf. The free custodial scheme is managed by the Deposit Protection Service.
All schemes provide free resolution for any problems at the end of the tenancy.
If landlords fail to comply:
- Tenants may apply for a court order demanding that the deposit is protected or repaid
- A fine of three times the deposit amount will be payable to the tenant
- Landlords will lose the right to repossess their property under the ‘notice only’ method.
For more information on Tenancy Deposit Protection visit the below links
Directgov | Deposit Protection Service | Mydeposits | Tenancy Deposit Scheme