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From 6 April 2007 a landlord will not be able to take a deposit from a residential tenant unless it complies with the government’s new Tenancy Deposit Scheme.
There will be two different schemes:-
a custodial scheme where deposits are paid into and held in a separate account by a third party appointed by the government; or
one or more insurance based schemes where the landlord retains the deposit and only transfers it into a scheme if there is a dispute with the tenant at the end of the tenancy.
The schemes will:
safeguard all deposits received in connection with a shorthold tenancy after April 2007
apply to any money that is taken as security – even if it is not called a deposit
require landlords to comply with the initial requirements of a scheme within 14 days of receiving the deposit
require landlords to provide information about the scheme to the tenant within 14 days of receiving the deposit
prevent landlords from regaining possession of the property using the usual notice procedures unless the scheme has been complied with
provide means of alternative dispute resolution for disputes about the return of the deposit at the end of a tenancy.
Law: Housing Act 2004, sections 212-215
This article was written for Law-Now, CMS Cameron McKenna's free online information service. To register for Law-Now, please go to www.law-now.com/law-now/mondaq
Law-Now information is for general purposes and guidance only. The information and opinions expressed in all Law-Now articles are not necessarily comprehensive and do not purport to give professional or legal advice. All Law-Now information relates to circumstances prevailing at the date of its original publication and may not have been updated to reflect subsequent developments.
The original publication date for this article was 30/08/2006.
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