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Property legal services news
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New laws for landlords to be introduced
06 September 2010
New rental legislation is to be introduced from 1 October that is designed to protect tenants. The threshold for Assured Shorthold Tenancies (AST) has been raised from £25,000 to £100,000, effectively guaranteeing AST for many more renters.
Under the new terms, landlords must ensure that the deposit for an AST is either held in the Deposit Protection Service or registered with Tenancy Deposit Solutions. Landlords must do this within 14 days of receiving the deposit or they could be subject to a heavy fine, as well as being prevented from taking legal action to evict a tenant from the property.
According to Marc von Grundherr, director of Benham and Reeves Residential Lettings, the new legislation is likely to cause a rise in legal disputes. "The landlord cannot get a possession order until the deposit is lodged. Imagine all the complications, expense and loss of rental income that this can bring."
He went on to say that landlords with tenants already in situ and those operating without a lettings agency will be most likely to struggle with the new legislation.
Posted by Heather Pells
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