Landlords must protect deposits
THE National Landlords Association (NLA) is reminding landlords and letting agents that they must protect a tenancy deposit with an approved government scheme, after changes to the Localism Act, which came into force yesterday.
These latest changes give landlords 30 days to protect the deposit after receiving it from their tenant, up from the previous 14 days.
Landlords must also give their tenant the required Prescribed Information and Deposit Protection Certificate as proof it is protected within this 30-day period.
If a landlord fails to protect a deposit, they could be fined between one and three times the deposit amount.