Landlords Are You Aware-Tenancy Deposit Protection Changes-
The Deregulation Act 2015 passed into law on the 26th March 2015, providing clarification and crucial changes for landlords in England and Wales on tenancy deposit rules. In summary:
Any deposits taken before April 2007 and where the tenancy has become periodic after that date, must be protected and the prescribed information must be served within 90 days. Then the deposit will be treated as if it had always been protected.
* Any deposits taken after April 2007, which were protected with the prescribed information and have been served at some stage during the initial tenancy, will be treated as if the prescribed information had been served on every renewal or whenever a statutory periodic tenancy arose.
* Any deposits taken before April 2007, which became periodic before that date must be protected or the money must be returned to the tenant (or the person who paid it) before a s21 notice can be served! Landlords will not be liable for any financial penalty for non-protection.
The prescribed information rules have been amended to allow for agents details to be given instead of landlords details where the agent is dealing with the deposit. The 90 day period is a chance for all landlords and letting agents to regularise the situation regarding their deposits - so landlords now have until 24th June 2015 to comply with the original legislation.
If you are a landlord with a property to rent in Brighton or surrounding areas, need advice on this, please get in touch, 01273 672 333 or via our website www.brighton-homes.com