Guidance of Landlord and Tenants Solicitors with Regards to Tenancy Prescribed Information

As a landlord is your right to take an amount as deposit from your tenants. It is also your right to make justified deductions from this deposit when needed. However, when securing this deposit you must make sure that you follow certain defined guidelines otherwise you may be at risk of penalties. There are many landlords who are still unaware of these guidelines. The following text elaborates on these guidelines with respect to the recommendations of landlord and tenants solicitors.

Upon receiving the deposit landlord are required to protect this deposit with one the governments approved schemes. Ideally this must be done within 30 days of being handed over the amount for deposit. Once the landlord has deposited the money they are required to serve the Prescribed Information related to the deposit made.

What is the Prescribed Information?

The prescribed information consists of two types of information:-

-         Information regarding your scheme:-

o   You will be able to find the necessary information regarding your scheme in a leaflet provided with the scheme. The leaflet is made available to landlords for this purpose.

-         Information regarding your tenancy:-

o   The necessary information regarding your scheme is laid out in forms which are also available with the scheme where you have deposited the money.

What happens if I don’t serve prescribed information?

According to landlord and tenants solicitors if you don’t serve this information within 30 days you are at risk of:-

-         Being fined three times the deposited amount. However, the tenants will have to sue you for it.

-         Not being able to serve a section 21 notice.

For more information you are welcome to get in touch with the landlord and tenants solicitors at Walker Wise Solicitors by phone on 01254 300 966 or email enquiries@walkerwise.co.uk.