Tenancy Deposit Schemes A Guide - Part Three
No, you would be wise not to ignore the new rules.
Landlords letting under Assured Shorthold Tenancies in England and Wales who take deposits will have to tell tenants which scheme they are in within 14 days of receiving a deposit.
The penalties for not doing so are very tough.
For example, if a tenant finds out his landlord is not in an authorised tenancy deposit scheme he can apply to county court to get his deposit back.
The court can also impose penalties of three times the deposit amount which the landlords would then have to pay to the tenant!
Also, if a landlord isn’t in a scheme or fails to give tenants details about the scheme, it will not be possible to regain possession using a section 21 notice - the not so aptly named “accelerated possession procedure.”
Any exemptions? There is no TDS scheme currently for lets in Scotland or Northern Ireland (though both countries have more wide ranging HMO schemes and in Scotland all landlords must be registered too.)
In England and Wales if you have a company let, let rooms in your own home or if the annual rental on the tenancy is in excess of £25K you will also be exempt from TDS too.
More on TDS will follow in subsequent posts.
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Labels: TDS, Tenancy Deposit Schemes, tenancy deposits, tenants bonds, tenants deposit protection
This entry was posted by lettingfocus, on
Tuesday, February 27, 2007.
