IF you have a portfolio of residential properties, and you let them under assured shorthold tenancies, a recent change in the law may affect you.
On March 26, 2015, The Deregulation Act 2015 came into force making important changes to the rules regarding tenancy deposits.
It basically provides a deadline by which to protect any currently unprotected deposits.
It has been mandatory for some time for landlords to protect a tenant’s deposit in respect of an assured shorthold tenancy in an approved tenancy deposit scheme.
Failure to do so meant that the landlord would be unable to serve a valid Section 21 Notice to bring the tenancy to an end, and exposed landlords to the risk of a financial penalty of up to three times the deposit.
For advice contact Simon Arneaud at Lamb Brooks LLP on 01256 305504 or email simon.arneaud@lambbrooks.com.
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