Where a tenancy deposit was received before 6 April 2007 in connection with a fixed term which rolled over into a statutory periodic tenancy on or after that date and the deposit is still held by a landlord in connection with the periodic tenancy, the landlord has until 23 June 2015 to ensure that the deposit is protected with an authorised scheme and prescribed information served. If a landlord takes these steps (subject to any court proceedings as below), they will not be liable for a penalty claimed by the tenant.
There are some transitional provisions within the Deregulation Act which would need to be considered on a case by case basis as they affect matters subject to Court proceedings and issues relating to costs. I am happy to consider any queries that landlords have in this respect.
The Deposit Protection Service is reminding letting agents and landlords that they have to act with extreme urgency over older tenancy deposits because new legislation comes into effect in exactly one week’s time.