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Tenancy Deposit Scheme - 21/06/2006

As part of the Housing Act 2004 which is being phased in over the coming months and years, the Tenancy Deposit Scheme is due to come into force with effect from October 2006. The purpose of this new law is to safeguard tenancy deposits in connection with Assured Shorthold Tenancies and to facilitate the resolution of disputes arising in connection with such deposits. Under the terms of the scheme, a landlord will have to: - Deal with a deposit in accordance with an authorised (either a custodial or insurance based) scheme; and - comply with the initial requirements of the scheme within 14 days; and - give the tenant the appropriate information relating to the deposit within 14 days of receipt of the deposit. Until these three points have been dealt with, the landlord will be unable to regain possession of the property using the usual section 21 notice. If you would like to understand the implications of this scheme in more detail, please contact Simon Parker on 0113 2978787 and he will add you to our mailing list so that you can be updted on progress prior to the scheme becoming law in October 2006.

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