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330,000 tenant deposits at risk and landlords in danger of fines

Landlords could risk facing heavy fines if they failed to protect their tenants’ deposits before an important new deadline on 23rd June. The deadline, which was imposed as part of the Deregulation Act, affects landlords who have existing tenancies that started before Tenancy Deposit Protection (TDP) was introduced in England and Wales in April 2007.

With an estimated 330,000 existing tenancies affected, landlords are being reminded that they could face fines of up to three times the deposit amount if they failed to protect their tenant’s deposits and supply the prescribed information by the deadline.

Research figures released by mydeposits, one of the three government approved tenancy deposit protection schemes, suggest that 48% of landlords struggle to keep up with changes in legislation which could exacerbate the issue.

CEO of mydeposits Eddie Hooker commented: “It’s important that landlords and letting agents are aware of the legislation changes and how it affects them. They must check whether they need to protect any deposits and avoid a fine.”

Landlords and agents who still hold a deposit on a tenancy that began before 6 April 2007 and then rolled into a Statutory Periodic Tenancy (SPT) on or after 6 April 2007  must have protected the deposit and served the prescribed information by 23rd June to prevent being fined.

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