Property experts at Palmers have warned landlords of residential properties that time is ticking away to a key deadline for compliance with new legislation.
The Deregulation Act 2015, which became law on 26 March, has introduced a number of measures affecting residential landlords. These include:
- where a deposit for an Assured Shorthold Tenancy (AST) was taken before 6 April 2007, and the tenancy became periodic after that date, the deposit must be protected in a authorised tenancy deposit scheme. Landlords who fail to do this by 23 June 2015 could be fined up to three times the deposit taken.
- where deposits were taken before 6 April 2007, and the tenancy became periodic before that date, landlords do not need to protect the deposit. However, to issue a Section 21 notice to regain possession of the property, a landlord must protect the deposit and reissue the Prescribed Information (i.e. information regarding the Tenancy Deposit Scheme and other tenancy-related information) to the tenant before they can do so.
Mark Harris, a solicitor in Palmers’ Property Litigation team, said: “The Act also imposes a range of further obligations on landlords covering issues including the supply of Gas Safety Certificates, Energy Performance Certificates, changes to the time periods for giving notices, the form and content of tenancy agreements and duties to repair, which could also affect a landlord’s right to regain possession of a property.
“These wide-ranging changes make this an excellent time for landlords to review procedures and documentation to ensure everything is in order to help them with the smooth running of their portfolios on a day-to-day basis or when granting a new tenancy or recovering possession to sell or re-let.
As well as assisting with drafting tenancy agreements, notices and recovery of rent arrears, Palmers’ property specialists can provide expert legal advice to help avoid problems before they arise or to resolve issues such as rent arrears or property disrepair in a time and cost-effective way.
We offer advice on a bespoke or fixed fee advice, with our focus on helping residential landlords to maximise the profitability of their properties. For more information, please contact Mark Harris or Nicola Tubbs.