Thousands of landlords with long-standing tenants could face a £3,600 shock penalty unless they register deposits by this summer. Un-registered Landlords could face unlimited fines, as they are worked out at 3 times the deposit amount. The average deposit is £1,200, meaning a fine of £3,600!
The intimidating fine isn’t the only method of enforcement being introduced with this new legislation; Landlords who fail to register will also be surrendering their right to move tenants out at the end of their tenancy agreement, as the Landlord will have failed in their obligations.
Our Lettings Manager, Alastair Fitchett, stated that most reputable Landlords will have already adhered to the deposit scheme that has been in operation since 2007 and this is yet another positive move to alienate the rogue Landlords and to improve the overall tenant experience.
“As a managing agent we submit all tenancy deposits directly to the Government controlled DPS (Deposit Protection Scheme) scheme where they are ring-fenced to protect both Tenant and Landlord. It is free and simple to set up for anyone who has not yet done so”
To find out more about the new legislation and how you can avoide the fine, contact us on +44 (0) 117 977 7671 or firstname.lastname@example.org