I have previously written about the new rules under the Deregulation Act and the risk that landlords and agents face if they fail to meet the 23 June deadline. These latest figures show the extent of the potential fall out.
On the basis that the maximum penalty which a tenant can claim from a landlord or agent for failing to register the deposit correctly is 3 times the deposit value, the potential amount recoverable from 330,000 deposits is staggering.
Landlords could risk facing heavy fines if they fail to protect their tenants’ deposits before an important new deadline on 23rd June. With an estimated 330,000* existing tenancies affected , landlords are being reminded that they could be face fines of up to three times the deposit amount if they fail to protect their tenants’ deposits and supply the Prescribed Information by the 23rd June deadline.