content top

Landlords: will you be compliant with the Tenancy Deposit Scheme by 23 June?

Landlords in Wales are being warned that they have just days to protect the deposits placed with them by their tenants – or run the risk of fines which could amount to thousand of pounds.

The new Deregulation Act means that any deposits placed with them now come under a new tenancy deposit protection law (TDP) – and landlords have until 23 June to register these deposits in a government-approved scheme. Failure to do so could mean a penalty of between one and three times the value of the deposit and even restrictions on regaining possession of their property.

“This is a very welcome protection for tenants against ‘rogue’ landlords,” says Jamie Langley, MD of one of South Wales’ leading specialist letting agencies, Red Key. “But it also represents one of a number of steps being taken during this year to regulate the buy-to-let sector across the board – and not every landlord will be aware of all their obligations.”

Red Key is offering free advice and ‘signposting’ for landlords concerned about the new regulations.

Landlords also have to provide full written information to their tenants about the steps they have taken to protect their deposits or they could still be liable to the fine.

In England and Wales the deposit can be registered with one of three registered schemes.

“Those tenants who have paid a deposit in the form of a car, watch or other valuable,” says Jamie Langley, “won’t be protected by a scheme.”

The TDP schemes that operate will make sure you will get your deposit back if you meet the terms your tenancy agreement, don’t damage the property and pay your rent and bills. For any new tenancies, the landlord or letting agent must put your deposit in the scheme within 30 days of receiving it.

Your landlord must return your deposit within 10 days of you both agreeing how much you’ll get back. And if you’re in a dispute with your landlord, then your deposit will be protected until the issue is sorted out,” adds Jamie.

“There are several more new rules and regulations coming in during 2015 that many private landlords may not be fully aware of,” says Jamie. “We would urge all of them to check their new obligations – or talk to an agent signed up to the SAFEagent scheme or the Association of Residential Letting Agents, both of which are committed to maintaining safeguards and standards in the letting industry.”

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Portal Logos

© 2013 Red Key Property Services Ltd | Terms of Use | Privacy Policy & Notice | Blog built and maintained by Content Frog | Google+>