Landlords sitting on £514m of unprotected deposits
According to a new report from the Cebr (Centre for Economics and Business Research) 284,000 landlords have failed to protect deposits, despite it being a legal requirement for landlords to protect deposits in one of the government approved schemes. Landlords who fail to protect their tenants’ deposits run the risk of a £2,400 penalty. Deposit protection schemes were introduced to stop landlords unfairly taking money out of deposits for things such as wear and tear or pre-existing damage when tenants move on and to provide dispute resolution should it be required. However, compliance with these rules are not being monitored effectively and the onus to report and take action against the landlord lies with the tenant.
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