Landlords 'don't need to give up control of deposits'
Anyone with property to rent in London or any other region in the UK does not now have to give up control of deposits from their tenants, it has emerged.
Landlords are now obliged by legislation to ensure that their tenant deposits are protected but this does not have to mean relinquishing control of these funds, mydeposits.co.uk has explained.
The organisation has made clear that by using its insurance-based tenancy deposit protection scheme, landlords can avoid the need to use a third party group to protect their tenants' cash.
Explaining the consequences for landlords of not protecting deposits, mydeposits.co.uk's chairman David Salusbury said: "They could be forced to pay a fine of up to three times the deposit amount and limits will be placed on their ability to seek possession for as long as the deposit remains unprotected."
In addition to being authorised by the Department for Communities and Local Government, mydeposits.co.uk is officially sponsored by the National Landlords Association.
Published 30th May, 2008
© 2008 Estates IT Limited
London Rental Property News By London Borough / Category
Latest London Property News Headlines
Streatham town centre to be improved by BID?
Major improvements could be made to Streatham town centre thanks to a new business partnership.
Read Article ... Published on 25th May, 2012
Olympic infrastructure 'to drive east London house market'
The infrastructure created by the Olympics will see the east London property market become more popular.
Read Article ... Published on 24th May, 2012
Olympic infrastructure 'to drive east London house market'
The infrastructure created by the Olympics will see the east London property market become more popular.
Read Article ... Published on 24th May, 2012
Barking Splash Park opens this weekend
Barking Splash Park will be free to use this weekend (May 25th-27th) to mark its opening.
Read Article ... Published on 24th May, 2012
Southwark estates to get cheaper energy bills
Residents in Southwark can look forward to cheaper energy bills thanks to the creation of a new underground green network.
Read Article ... Published on 23rd May, 2012
Enfield £1.3bn masterplan unveiled
A masterplan has been unveiled that will see a 200-acre site in Enfield regenerated as part of a £1.3 billion plan.
Read Article ... Published on 23rd May, 2012
Londoners encouraged to grow their own fruit and veg
People in London are being encouraged to grow their own fruit and vegetables.
Read Article ... Published on 22nd May, 2012
Merton 'embraces green improvements'
Merton is now a cleaner, greener location to live in thanks to the implementation of the Wandle Valley Low Carbon Zone (LCZ).
Read Article ... Published on 22nd May, 2012
London house prices rise by 1,782% in past 35 years
London house prices have increased by 1,782 per cent in the last 35 years.
Read Article ... Published on 21st May, 2012
Poplar's Chrisp Street to get £100m regeneration
Some £100 million is to be spent regenerating the Chrisp Street area of Poplar in Tower Hamlets.
Read Article ... Published on 21st May, 2012
Anyone with property to rent in London or any other region in the UK does not now have to give up control of deposits from their tenants, it has emerged.