‘30 days will fly by’ warns Tenancy Deposit Scheme

02 April 2012 Categories: News

‘30 days will fly by’ warns Tenancy Deposit Scheme

With the new rules for the registration of tenant deposits due to come into force on April 6th, the Tenancy Deposit Scheme has warned landlords not to leave registration to the last minute simply because they know they have more time.

The new rules state that a landlord will have a maximum of 30 days to register a tenant deposit with an approved scheme and provide evidence to their tenant that they have done as such. The old rules only provided 14 days to complete the process.

The TDS are worried however that some landlords will become complacent about registering and has issued a reminder that it is still a legal requirement to register a tenant’s money with a tenancy deposit scheme before their individual 30 day deadline.

Another change to the rules that gives a magistrate the option to award anywhere between one and three times the deposit amount to a tenant who is suing their landlord for breach of the tenancy deposit requirements is also worrying the TDS. Before the rule change the fine was set at three times the deposit amount but with this amount potentially falling to equal that of the deposit it doesn’t exactly stress the urgency it once did.

The new rules come into effect on 6th April 2012, and more information can be found at www.tds.gb.com