With less than one month to go before changes to the Localism Bill take effect on 6 April, lets take a look at what the changes will mean for deposit protection by landlords and agents.
The good news is that that the changes will give you more time to protect your tenant’s deposits. But if you don’t do so, the courts will have more powers to impose penalties.
More time to protect deposits:
- Currently: Landlords and agents currently have 14 days to protect the deposit after taking it from the tenant.
- From 6 April 2012: Landlords and agents will have 30 days to protect the deposit after taking it from the tenant.