Further deposit protection changes approved for the Deregulation Bill

The House of Lords approved further amendments in the Deregulation Bill for deposit protection law yesterday evening.  The amendment confirms that letting agents' details can be given in prescribed information where they have received the deposit, in place of the landlord's.

Fast forward to 18:24 in Parliament TV to see the amendments being put forward. 

 

 

When the bill comes into law the following changes (subject to further amendment) are expected:

  • Deposits received before 6 April 2007 on tenancies which have since become periodic must now be protected. Landlords will have 90 days to protect from the day the law comes in. If the tenancy has already ended or the deposit returned, the landlord will face no sanction for non-protection.
  • Deposits received after 6 April 2007 which were properly protected do not need to be reprotected nor new PI served when the tenancy renews (either fixed term or periodic) provided the landlord, tenant, deposit protection, and premises all remain the same. Important! Scheme rules may require new protection on new fixed term tenancies, depending on your scheme and your membership! With TDS this applies to pay as you go protection (TDS for Landlords, DepositGuard, and 'Let only'). 
  • No section 21 notice can be used to regain possession if the deposit is not protected - regardless of when the deposit was received. If unprotected or PI not served the deposit must be returned or protected before the s21 can be served.
  • The letting agents' details can be given in prescribed information where they have received the deposit, in place of the landlord's.

12th February 2015

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