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CHANGE IN TENANTS DEPOSITS
From 6 April landlords or agents can only take a deposit from a tenant if that deposit is protected by a Tenancy deposit scheme. The two types of schemes being introduced are:
1. a custodial scheme, whereby the deposit is held by the scheme during the tenancy and during any legal dispute OR
2. Two insurance-based schemes where the landlord or agent keeps the deposit, but the deposit is insured in case of any dispute and thus protected for the tenant.
At the end of a tenancy both landlord and tenant must agree on the amount of deposit to be returned. The scheme must then repay the agree amount within 10 days of the agreement.
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LANDLORDS DUTIES FOR TENANTS DEPOSITS
Under the new rules, landlords will have to choose one the three schemes and inform the tenant about the details of how the deposit is protected within 14 days of receipt of the deposit. Unless these duties are met, the landlord will be unable to serve a notice requiring possession (a Section 21 notice, although the landlord will still be able to seek possession under any of the grounds in Schedule 2 Housing Act 1988).
The penalty for landlords that fail to comply with the new rules is an compensation to the tenant of an amount equivalent to three times the deposit, to be paid within 10 days.
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RENT PROTECTION INSURANCE
RENT PROTECTION INSURANCE FROM £52.50
We offer Rent Protection Insurance at £52.50 for 6 months & £72.50 for 12 months cover. Also available is Landlords Buildings & Contents Insurance and Tenants Contents Insurance.
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