Latest Legal News - Assured Tenancies - Major Rule Change (June 2010)

If the rent exceeds £25,000 pa a residential tenancy cannot be an assured tenancy and the rules relating to deposits do not apply. This changes on 1 October 2010 when all residential tenancies with rents up to  £100,000 pa become assured tenancies, even if they were created before 1 October 2010.

A  major consequence of this change is that tenant deposits held for these tenancies will have to be registered with a tenancy deposit scheme. This should be done before 1 October 2010 because there are penalties of up to three times the amount of the deposit if the deposit is not registered within 14 days of receipt.

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