There have been some really interesting comments on the EU Trying To Kill Buy To Let – sign the petition to STOP it now. blog and it is great to see some new people contributing to this important discussion but I am feeling a bit frivolous at the moment and I thought that I would post on a lighter subject.
According to MyDeposits one of the main reasons that landlords stop money from a tenants deposit is to cover the cost of cleaning. This is interesting because I would have thought that damages might have come above cleaning. Continue reading Frivolous it might be but I don’t fall out with my tenants because…..
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
Why the legislation was introduced-
According to the last Labour government, a significant number of landlords were abusing their position and holding on to deposit money that rightfully should have been returned to the tenant at the end of the tenancy. Continue reading Are the Tenancy Deposit Bodies Biased Toward Tenants?
Landlords and tenants locked in disputes over keeping rental deposits can take advice about negotiating a settlement from a new guide, jointly published by the three deposit protection agencies.
Continue reading New tenant deposit dispute guidelines for landlords
Help is at hand for landlords struggling to claim money through the deposit protection schemes. A deposit protection adjudicator has set up an online service to help landlords avoid the common pitfalls and successfully claim the money they are owed. Continue reading Gamekeeper turned poacher helps landlords in deposit protection disputes
This is the fifth in a series of 10 articles written by specialist landlord & tenant solicitor Tessa Shepperson, founder of the online Landlord Law Service. Continue reading All about tenancy deposits
The case highlighted the wording of Section 214 of The Housing Act 2004, which concerns courts making an order for landlords to protect a deposit or return the money in full to the tenant.
The section also allows a court to penalise a landlord who fails to protect a deposit by imposing a penalty of three times the deposit amount. Continue reading Landlord escapes deposit protection penalty under legal loophole. A loophole in the wording of a law designed to penalise landlords who fail to protect tenant deposits has been exposed in court.
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