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Residential Tenancy Deposit Schemes

Summary: Residential Landlords are required to place tenancy deposits in approved tenancy deposit schemes. Failing to do so can lead to financial and other penalties. A landlord will not be able to serve a section 21 notice (to recover possession of its property) at a time when the deposit is not being held in accordance with a TDS or the initial requirements of such a scheme have not been complied with. A landlord can be ordered to pay the tenant a penalty sum up to three times the amount of the deposit if it is in breach of the scheme. Speak to Karli Hiscock or Julian Johnstone of Druces’ Property and Property Litigation teams for further information

Relevant to: Residential landlords and tenants