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The Deregulation Act

As of the 26th of March 2015 the Deregulation Act has come into force and has brought some clarity in about the rules effecting what landlords and letting agents need to do with tenants deposits, when tenancies change.

In summary;

When tenancies are renewed by a new fixed term tenancy or periodic tenancy the deposit does not need new protection and the information is not needed again. If the deposit has been correctly protected at the start of the tenancy and there is no change in tenant. landlord, premises or deposit scheme.

 

Deposits taken before the 6th of April 2007 where the statutory periodic tenancy began after that date must be protected and information served by the 23rd of June 2015.

Deposits taken before the 6th of April 2007 where the statutory periodic tenancy also began before that date are not required to be protected.

However a section 21 notice is not valid unless the deposit has been protected and the information shared.

 

Where the agent has protected the deposits for a landlord the agents contact details must be the details provided. 

Landlords and agents have up until the 23rd of June 2015 to make sure that they comply with the new rules.

If you have any questions about how the new regulations could effect you and your business then don't hesitate to send me an email, 

 

Tim John

Client Accounting Depatment Manager

tim.john@letmc.com


Other readiing;

1 .http://www.legislation.gov.uk/ukpga/2015/20/section/30/enacted

2. http://www.legislation.gov.uk/ukpga/2015/20/section/31/enacted

3. http://www.legislation.gov.uk/ukpga/2015/20/section/32/enacted

4. http://tinyurl.com/kzjp6rr

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