Landlords Could Face Hefty Deposit Fines

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Can you really afford a shock penalty of up to three times your tenant’s deposit? Because this is what Landlords who haven’t secured their deposits in a government authorised tenancy deposit scheme will receive.

Landlords have up to June 23 to sign up to an official deposit scheme.

Yet you’re in a spot of luck if this is you, because the government is giving out a 90 day amnesty for buy-to-let investors, meaning you can avoid the penalty altogether.

It is estimated that one in three of 1.5 million private landlords being unregistered. It is seemed to be a matter of convenience that deposits are not put into a scheme, despite the scheme being made compulsory eight years ago.

Yet a hefty deposit fine is not the only issue a Landlord can face when not registering in a tenancy deposit scheme, read our post:

Serving a Section 21 notice when the tenant’s deposit hasn’t been protected