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ARTICLE · 02 MARCH 2015

Tidying Up Tenancy Deposits

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Tenancy deposit schemes were created under the Housing Act 2004 and became compulsory for all residential assured shorthold tenancies created on or after 6 April 2007

United KingdomReal Estate and Construction
Paul Brecknell
Paul Brecknell
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Tenancy deposit schemes were created under the Housing Act 2004 and became compulsory for all residential assured shorthold tenancies (ASTs) created on or after 6 April 2007.

If a landlord failed to protect a deposit in an authorised scheme or provide the tenant with prescribed information, the landlord was prevented from serving a section 21 notice under the Housing Act 1988 to gain possession of the property and was liable for financial penalties if the tenant initiated legal action.

An opportunity to rectify flaws in the current legislation is progressing through Parliament. The House of Lords has approved further amendments in the Deregulation Bill 2015 for deposit protection. The Bill is getting its third reading before the House of Lords on 4 March 2015.

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