Landlords Must Register Deposits by June or Face Fines
The verdict has been handed down by the UK government, with all British landlords given a two month time frame to register tenant deposits with an official scheme, or face fines of up to £3,600. Specialist self-rentals group Let Britain is committed to helping landlords stay compliant with its comprehensive property management services, including advice on how to meet government regulations and avoid fines.
Fareed Nabir, Director of Let Britain, says, “Privately letting property is a fantastic way to avoid sky-high agency fees, however not if savings are cancelled out by fines due to non-compliance. Our service is in place to help British landlords self-manage property without the risk of incurring fines due to lack of specialist industry knowledge.”
Across the nation, thousands of landlords with long-term tenants will be required to register deposits by June 23. Fines are calculated at three times the original deposit which could see penalties soar well past the £3,000 mark.The new regulations apply to all "assured short hold tenancy" agreements and will force landlords to register deposits with one of the three government endorsed schemes. In England these include the Deposit Protection Service, MyDeposits or the Tenancy Deposit Scheme. The idea is that in the case of any disputes, deposits are protected by the scheme until issues are resolved.
As well as avoiding fines, Let Britain is advising landlords that registering deposits is an important part of ensuring a smooth dislodgment process when tenancy contracts come to a close. Landlords who fail to register deposits will be considered as negligent which will render them powerless in the case of any disputes.
According to Let Britain, landlords with long-term tenants and rolling contracts are most likely to fall victim to fines. While their intentions may not be hostile, the sheer fact that private landlords don’t use agents means that they often fail to keep up to date with new industry regulations. Let Britain is helping private landlords stay on top of new legislations with its up-to-the-minute library of resources, advice and industry news.
“We’ve identified the most at-risk group as landlords who have been continually renewing rolling contracts with long-term tenants for several years. They don’t always realise when new regulations have been put in place which is why we encourage all independent landlords to support themselves with an affordable and savvy self-letting service such as Let Britain.”
As the UK’s first virtual property letting website, Let Britain offers landlords a self-service, stress free and straightforward experience. As well as the lowdown on all the latest industry news landlords can also access online guides covering a range of useful topics such as property photography, valuations, tenant procedural systems and more, all available at the click of a mouse.
To find out more about Let Britain and how the service is helping private landlords stay compliant and up-to-the-minute with the latest industry regulations, including the new government tenant deposit registration scheme, visit the website at: https://letbritain.co.uk
Dakota Digital for Let Britain
Contact: Lauren Carroll
Tel UK: 01623 428996
Tel US: 917-720-3025
A self-service lettings agency which bypasses the hassle that comes with a traditional high street agency, Let Britain offers an efficient and easy service for landlords and prospective tenants searching for a new property.