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Tenancy deposit protection came to be law by the Housing Act 2004, this has provided that all deposits collected by Landlords or Agents, to be registered in either a custodial scheme or an insurance based scheme. These schemes protect all deposits on assured shorthold tenancies in England and Wales.
The deposit legislation was further updated in April 2012 to provide that the landlord or agent or person deemed to be holding the deposit must now comply with these new rules or face a mandatory fine of up to three times the sum of initial deposit, plus return the initial deposit fee:
1. That they (the landlord or agent) must within 30 days of receiving the deposit must lodge the deposit in a scheme or insure it;
2. They must also give the tenant and any other person or entity who provided the deposit, details about how the deposit is protect – including
a) The contact details of the tenancy deposit scheme selected
b) Provide the prescribed information and schemes conditions to the tenant and others persons who may have paid the deposit (parent/family member etc)
c) Details of the how to apply for the deposit
d) Information exploring the purpose of the deposit and how much monies would be returned
e) What to do if there is a dispute about the deposit.
Did your landlord or agent fail to comply with these rules in the last six years – if they did we can help you
Penalties for failure to comply:
If the landlord/agent fails to comply with the deposit law, they may be ordered by the courts to return or protect the deposit and also pay YOU THE TENANT NO LESS THAN ONE TIMES THE VALUE OF THE DEPOSIT BUT NO MORE THAN THREE TIMES THE DEPOSIT VALUE. Further penalties may include not being able to serve a Section 21 Notice until the deposit breach has been remedied.
Tenancy deposit law is to ensure that you the tenant:
– Receive all or part of your deposit back when entitled to it,
– Any disputes with your landlord and agent will be easier to resolve
– LANDLORDS and LETTINGS AGENTS who DO NOT PROTECT TENANCY DEPOSITS MAY HAVE TO PAY YOU THE TENANT BACK UPTO THREE TIMES THE INITIAL DEPOSIT.
Excluded groups who cannot make a claim against there landlord/agent
-Tenants with rent over £100,000 per year
– Company lets
– Student accommodation let by universities or colleges
– Properties with a resident landlord
– Tenancies that commenced before 6 April 2007.
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