Clock ticking on deposit protection

Posted: 26 Feb 2007 10:28:38 GMT


            Property News - Clock ticking on deposit protection

Landlords have until April 6th to ensure that they are registered with a tenancy protection scheme or face paying big penalties to their tenants, an industry association has warned

Landlords have until April 6th to ensure that they are registered with a tenancy protection scheme or face paying big penalties to their tenants, an industry association has warned.

Buy-to-let owners could be liable up to three times deposit for every tenant unprotected by a registered programme, the National Landlords Association (NLA) said.

An estimated £1.2 billion is held by landlords as surety on property at any one time it added, potentially adding up to a multi-million windfall for tenants.

"The majority of landlords treat their tenants fairly and return deposits promptly, less the cost of any legitimate damage or repairs," said David Salusbury of the NLA.

"However, the government is taking a tough line to weed out rogue operators and the new laws will apply to all landlords, large or small, who let properties under an Assured Shorthold Tenancy after April 6th 2007 and take a deposit. There is no escape."

Full details of companies appointed by the Government to run the tenancy protection scheme can be found at http://www.communities.gov.uk/index.asp?id=1504445

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