Archive for September, 2010
Iris O’Connell M.A.R.L.A, Managing Director for iConn Property Management writes:
The effect of this change is to bring additional tenancies into tenancy deposit protection (TDP) regulation. Tenancies created on or after 1 October where the annual rent is £100,000 or less, will be assured shorthold tenancies (in most cases) within the terms of the Housing Act, 1988. Clearly TDP will apply.
If a Landlord renews by granting a new tenancy on or after 1 October 2010, the position is clear. The deposit will need to be protected within 14 days of the grant and prescribed information served in accordance with scheme rules. Such a grant has the effect of surrendering the existing tenancy and a new tenancy has been granted (this is called a surrender and re-grant by operation of law. In this scenario, the deposit has technically been repaid to the tenant under the old tenancy and the landlord receives a new deposit under the new tenancy (even though no actual money changes hands)
Government intends the new threshold to apply to existing tenancies and landlords may decide to play it safe and protect such a deposit now or after 1st October. Most deposit schemes will accept and register the deposit even if it falls outside of the scheme rules; they will even accept any deposit even for non ASTSs. You will need to confirm this with your intended scheme.
Sam Douglas, Accounts Co-ordinator for iConn Property Management writes:
Health and Safety Executive (HSE) deals with health and safety in the workplace and their work also includes guidance on gas safety. HSE offers advice for Landlords and letting Agents on how to comply with the law, information about gas safety checks, maintenance etc; including useful links to other information and websites.