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Deadline approaches to register tenancy deposits or face large fines

Landlords are being warned that they have just a matter of weeks to protect tenancy deposits, or face thousands of pounds in fines.  

The new Deregulation Act means more tenancy deposits are now under deposit protection law if received before 6 April 2007, and gives landlords until only 23 June to register them in a government approved scheme. Otherwise they face a penalty of between one and three times the value of the deposit and restrictions on regaining possession of their property.

A series of controversial court rulings brought urgent need to clarify the law when confusion arose over which deposits must be protected, and in what circumstances prescribed information documents must be given to tenants. If landlords do not give tenants full written information about their protection they still face the fine, even if the deposit is protected.  Government approved scheme, the Tenancy Deposit Scheme (TDS), has warned landlords that time is running out. Chief Executive Steve Harriott said: “Landlords have only a matter of weeks to comply before the amnesty ends and penalties take effect. A small number of deposits are exempt but I would urge any landlord who holds an unprotected deposit to register it online with Tenancy Deposit Scheme immediately to avoid any future problems.”

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