Amnesty for Landlords on Protecting Deposits

So…who are you? Who has been hiding their head in the sand and hoping they won’t get found out for NOT protecting their tenant’s deposits.

It could be you have a tenant who has been in the property for many years and perhaps you have never had to use an agent, who would have highlighted the new regulations regarding protecting a tenants’ deposit that came in to force in April 2007.

It could be that you took the deposit before the ruling in 2007 and you genuinely believed (as many did) that you did not have to protect the deposit.

It doesn’t really matter what your reasons are, the good news is that you have been pardoned! On the condition that you protect the deposit before 23rd June 2015.

The government is running a 90 day amnesty for buy to let investors who have yet to put their tenants’ deposits into an official scheme.

The government believe there are 1 in 3 of us out of the 1.5 million private landlords in England and Wales who are not registered with a scheme. This only applies to tenancies that come under the ‘assured Shorthold tenancy.’

The landlords probably most at risk are the ones with rolling contracts who have been tenants for several years. Word of warning, do not be fooled into thinking you have a good relationship with your tenant and they would not do anything to put you in a difficult position, because life can throw up anomalies and change people’s views and attitude. If you do not protect the deposit the tenant will be entitled to 3 times the deposit they gave plus their deposit, the government could also put a hefty penalty on top. Money aside, landlords who fail to register will be powerless if they want a tenant to leave at the end of their contract. So, if your tenant loses their job and they then get into rent arrears, you will be seen to be a landlord who has failed in your obligations and will lose the control of getting your property back.

PROTECT YOUR DEPOSIT NOW! NO EXCUSES!

If you would like any advice on this and to clarify is you need to protect a deposit then please do not hesitate to contact me for a confidential chat.

As I always say, a good agent not only matches up quality tenants with quality properties, we also make sure all the legal side is produced correctly, which is why our strapline is:

Where experience, expertise and knowledge really makes a difference!

If you would like a friendly, no obligation chat regarding any property matter, then please email This e-mail address is being protected from spambots. You need JavaScript enabled to view it or telephone: 01202 711169.

Move On Rentals - Local Letting Experts in Bournemouth, Poole and Christchurch. Specialising in letting properties in Bournemouth, landlord services in Bournemouth, local property matters in Bournemouth, tenant find services in Bournemouth and tenant and landlord advice in Bournemouth.

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