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From 6 April 2007, all deposits taken by landlords for Assured Shorthold Tenancies in England and Wales must be protected by a Tenancy Deposit Protection Scheme. The new legislation is hoped to both ensure good and fair practice in handling tenant deposits by ensuring all bonds are either held in a custodial scheme whereby the scheme holds the monies until an agreed distribution has been agreed between the landlord and tenant. Or the bond is held by an Agency who has joined a Government backed Insurance Scheme which allows them to administer bonds as required within the new guidelines.
The Accounts and Maintenance Departments at CPS Homes are already preparing for the change in bond procedures and CPS Homes will be registered with an Insurance based scheme ensuring that any of the bonds held on properties we manage for you will be protected within this scheme.
What happens if a bond is unprotected after this date? Under the new legislation if a landlord has not protected a bond within one of the new Schemes the landlord will be unable to regain possession of the property using the ‘notice only grounds’ most commonly known as standard two months notice. On top of this where the court believes that the landlord has failed to comply with the requirements, or the deposit is not being held in an authorized scheme the court can fine the landlord 3 x the deposit amount.
CPS Homes will organize all the arrangements for you if your property is managed.
For more information give us a ring on 029 2045 4555.