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The clock is ticking on landlords who have yet to protect deposits taken before April 6th 2007, so if you are one of these landlords, you need to act fast.
Deposit Protection Schemes
Following a change in law, deposits handed over to landlords before 6th April 2007 now have to be protected in one of three government approved tenancy deposit schemes:
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• The Deposit Protection Service;
• Tenancy Deposit Scheme (TDS); or
• My Deposits.
An amnesty is currently in place to allow landlords who have yet to protect deposits taken before this date to come forward without penalty. However, the amnesty expires on June 23rd, so if you fail to act in time, you could end up facing a large penalty – as much as three times the value of the deposit – and be unable to regain possession of your property in the event of a tenant dispute.
“Landlords have only a matter of weeks to comply before the amnesty ends and penalties take effect. A small number of deposits are exempt but I would urge any landlord who holds an unprotected deposit to register it immediately to avoid any future problems,” says TDS chief executive, Steve Harriott.
Landlords Failing to Protect Deposits
Tenant deposit schemes say they have seen a huge surge in landlords contacting them in a panic about whether they should have protected deposits.
“Many have only just become aware that they should have already protected deposits; a stark reminder that thousands of landlords have been falling foul of deposit protection law, often unknowingly,” says Harriott.
