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Tenancy deposit deadline day

first_imgHome » News » Tenancy deposit deadline day previous nextRegulation & LawTenancy deposit deadline dayOld tenant’s deposits must be protected by close of play today.25th June 20150508 Views Letting agents and property managers are being encouraged to urge landlords to check that their tenants’ deposits have been stored in a Government-protected scheme by the close of play today (Tuesday 23rd June) or they could be liable to pay the occupants of their property compensation.The deadline, which was imposed as part of the Deregulation Act, will impact on landlords who have existing tenancies that commenced before Tenancy Deposit Protection (TDP) was introduced in England and Wales in April 2007.Landlords and agents who still hold a deposit on a tenancy that started prior to 6th April 2007 and then rolled into a Statutory Periodic Tenancy (SPT) on or after that date must protect the deposit and serve the prescribed information by today to prevent being fined.For deposits taken before the 6thApril 2007 and where the tenancy became periodic prior to this date, landlords and agents are not required to protect the deposit however, they will not be able to serve a section 21 notice to regain possession of the property unless the deposit is protected with a tenancy deposit scheme.This new legislation is viewed upon as “another positive step towards raising standards in the professional lettings sector” by Pat Barber (left), Chair of the Association of Independent Inventory Clerks (AIIC), who added that she is “pleased to see it coming into force this week.”Mydeposits, one of three Government-authorised tenancy deposit protection schemes, estimates that as many as 330,000 existing tenancies could be affected. Landlords who fail to protect their tenants’ deposits and supply the prescribed information by the close of play today could face fines of up to three times the deposit.Research by mydeposits suggests that almost half – 48 per cent – of landlords struggle to keep up with changes in legislation which could exacerbate the issue.“Mydeposits’ figure that almost half of landlords struggle to keep up with changes in legislation comes as no surprise to us and it is important for all agents and landlords to work together to ensure that all required deposits are now protected,” added Barber.Since it became mandatory in 2007, deposit protection has been viewed as a success by many professionals working within the industry, and with the volume of tenancies continuing to grow and the amount of money being taken in deposits continues to increase, it remains an important component of the modern rental process.Eddie Hooker (right), CEO of Mydeposits, said, “It’s important that landlords and letting agents are aware of the legislation changes and how it affects them. They must act now and check whether they need to protect any deposits and avoid a fine.”Hooker added, “Our advice is simple; if you still have a deposit that was taken before 7th April 2007 then the belt and braces approach is to protect it and provide your tenant with all the relevant information as soon as possible. That way you can avoid a hefty penalty and regain possession if needed.”Mydeposits is offering a 50 per cent discount on their joining fee for all landlords who sign up to the scheme before the close of play today by using discount code SUM15.tenants landlords Tenancy Deposit Schemes tenants’ deposits deposit protection June 25, 2015The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles 40% of tenants planning a move now that Covid has eased says Nationwide3rd May 2021 Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021last_img read more

Time warp home sells before going to auction

first_imgThe home at 14 Dodds St, Margate sold before auction.A CHARACTER cottage on two lots in Margate went under contract the evening before it was due to be auctioned. The property at 14 Dodds St sold for $601,250. Marketing agents Loren Mulholland and Jonathan Gordon said the property attracted a high level of interest. “More than 50 people inspected the home in just a few weeks and we had nine contracts submitted,” Ms Mulholland said. Mr Gordon said the home was a well-maintained time capsule.“The vendors were only the second owners of the property and they kept is largely untouched to keep the character,” he said. “That, combined with the block being on two lots, created quite a rare opportunity for the area.”More from newsLand grab sees 12 Sandstone Lakes homesites sell in a week21 Jun 2020Tropical haven walking distance from the surf9 Oct 2019The home had a retro look.Mr Gordon said the home was sold to an interstate investor who planned to modernise it and hold on to it for the time being. Ms Mulholland said the Margate market was proving equally popular with owner-occupiers and investors, though stock was low. “Demand is far outweighing supply and listings are few and far between,” she said. “We think it is because 50-60 per cent of people in the area are investors and, with low interest rates, it makes more sense for them to hold on to property rather than have money in the bank.” Mr Gordon said the number of buyers looking in and around Margate was on the up. “A lot of people are drawn to the area,” he said. “We are being inundated with inquiries on properties but we can’t meet demand.”last_img read more