On April the 6th 2007 the government began a government initiative to protect tenant deposits.
What does this mean to you?
The new law took on the 6th April 2007 and all Assured Shorthold Tenancy Agreement (AST’s) drawn up after this date will be subject to this change. In essence the law states that tenants deposits must be protected either by a Member of the Deposit Scheme such as Chase Devonshire Ltd, a custodial account or a government holding account.
The main thing here is that deposits that are taken after the 6th April 2007 or any renewal tenancy deposits must be part of a deposit scheme of some sort and that no agent or landlord can hold these funds without being a member of a custodial scheme.
Chase Devonshire will hold all deposits in a separate clients account until the termination of the tenancy as Stakeholder and will ensure that all disputes are transferred to an Independent Case Examination of The Dispute Services Ltd.
For more information on the above and to find out about alternative options please contact our office on 020 7740 1770 or email us at info@chasedevonshire.com
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