Changes will be made from next year in tenancy deposit protection

December 1, 2011

Landlord Information

At the moment landlord get up to 14 days to protect a tenants deposit but from next year this will change to 30 days.

Certain changes have been made to tenancy deposit protection in the new localisim act 2011.

There have been court cases over the rights of a tenant to sue for a breach of the deposit protection legislation or when deposit money was not protected within 14 days, but by the time of the hearing.

At the moment the penalty for none protected deposits is three times the amount of the deposit amount, this will be disregarded when the new legislation is in place.

One person who welcomes the change is Steve Harriott, chief executive of the tenancy deposit scheme. He says: “I am pleased the housing minister managed to find the Parliamentary time to get these amendments to the legislation through.

“The recent court decisions were causing confusion about tenancy deposit protection regulations. These amendments make it clear that tenancy deposit protection is here to stay.”

If you would like to check out the changes and all other details go to http://www.tds.gb.com

 

Source- Lettingagenttoday.co.uk

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