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    Landlords fined if not registered.

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    papa_umau
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    Landlords fined if not registered.

    Post by papa_umau on Mon 20 Apr 2015, 11:21 am

    Landlords have two months to register deposits or face 3,600 fine
    Buy-to-let investors have until June 23 to sign up to an official deposit scheme or pay costly penalties


    Thousands of landlords with long-standing tenants could face a 3,600 shock penalty unless they register deposits by this summer.

    The Government is running a 90-day amnesty for buy-to-let investors who have yet to put their tenants' deposits into an official scheme.

    Fines for not registering by the June 23 deadline are unlimited and worked out at three times the initial deposit; the average sum tenants put down before moving in is 1,200.

    Read more on this from Kate Palmer of the Telegraph HERE




    Its about time that ruthless and crooked landlords were brought into line and this is a good first step towards doing this.

    Anybody ?


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    zathrus
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    Re: Landlords fined if not registered.

    Post by zathrus on Thu 23 Apr 2015, 11:46 am

    Yes, up until now, the buy-to let mob have been a law unto themselves.

    The Tories have let them away with murder just because they are in the private sector.

    I just hope that the next government takes up this ball and runs with it.
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    papa_umau
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    Re: Landlords fined if not registered.

    Post by papa_umau on Fri 24 Apr 2015, 11:37 am

    You're so right there Zath'.

    It is a fact that these rip-off merchants will find any excuse not to refund the client deposits and that fact that they have not registered them with the correct authority makes chasing them up much harder.


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    Angie baby
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    Re: Landlords fined if not registered.

    Post by Angie baby on Sat 25 Apr 2015, 12:34 pm

    As I see it, if this money was properly held in escrow the landlord could not hang on to it if it needed to be refunded.

    I don't know what my landlord did with my deposit, but when I want it back, if I get a home of my own, I hope he pays it without complication.
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    papa_umau
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    Re: Landlords fined if not registered.

    Post by papa_umau on Sun 26 Apr 2015, 11:55 am

    Yes, and that is the exact problem; the landlords are allowed to keep these deposits without putting them into escrow or into some other holding account. Once they have the money, it is very difficult to get it back out of their pockets or their own bank accounts.

    A change needs to be made here.


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    Angie baby
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    Re: Landlords fined if not registered.

    Post by Angie baby on Sun 03 May 2015, 12:58 pm

    As Kate Palmer, ( from the link ), said, "this scheme to force landlords to pay deposits into a central fund was supposed to be enforced in 2007", but it seems that they are still at it.

    It looks as if this is just a voluntary scheme and if it is they will never lay that money aside as requested.

    I hope that all of them that do not join the scheme and don't put ALL of their tenants' money into safekeeping until they need to be repaid get fined heavily and keep getting fined until they do lay the money aside.

    We shall see I guess.

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