As new figures suggest that a staggering one in three landlords are failing to register their deposits, journalist Tina Clough spoke to Belvoir Sheffield, the leading letting agent in Sheffield, to find out not only the true extent of the problem, but what can be done to rectify it.
The new figures launched by The Deposit Protection Service (DPS) revealed that on average, one in three landlords are at risk on receiving a fine for failing to register their tenants’ deposits, despite the warnings being clear.
Rick Flay, from Belvoir Sheffield who offer a vast range of houses to let in Sheffield said, “The new figures are startling, but they are not too surprising given the current economic climate. If landlords refuse to register their tenants’ deposits they can potentially pocket the extra money, which you are not allowed to do. During these financially difficult times, it seems that this option is all too tempting, for some private landlords who do not use a reputable lettings agent.
“Landlords may be willing to take the risk, but if caught the repercussions can be immense and so can the fines.”
Despite the new figures launched by the DPS drawing attention to an age old problem, the new research does show a slight improvement on a year ago when double the amount of landlords were breaking the law where deposits were concerned.
Rick, from Belvoir Sheffield, who offer homes to rent in Sheffield, Sheffield apartments and flats in Sheffield, added, “Since April 2007 all landlords have a legal requirement to register their tenants’ deposits with a Government-accredited scheme.
Although these new figures show a slight reduction in those who are trying to ’cheat’ the system, the Government is still working on a new plan which will introduce a national register of landlords in England and Wales which will include both their details and details of the properties that each one owns, leaving those who are determined to ignore the law with nowhere to hide.
“We would always recommend that tenants rent properties through reputable agents as their deposits will be protected, Belvoir Sheffield are registered with both the Deposit Protection Service (DPS) and The Dispute Service (TDS).”
Belvoir Lettings Sheffield are the One Stop Specialists for Lettings including Property Management, Tenant Find, Investment and Wealth Management Advice, Fit-outs and Renovations, Furniture Packs and Investment Property Insurances.
