The Deregulation Act 2015 received Royal Assent on 26th March 2015. There are some notable changes which will be of interest to landlords:
Since 6th April 2007, it has been mandatory for a residential landlord to join a tenancy deposit scheme (TDS) where a deposit is paid by the tenant on creation of an assured shorthold tenancy (AST). Section 32 of the Deregulation Act 2015 (DA 2015) has now extended this regime to include deposits created before 6th April 2007. The requirements regarding securing the deposit in a TDS and the provision of prescribed information will be satisfied if they are complied with before the end of 90 days beginning with the commencement date of the DA 2015.
Note: if a residential landlord holds deposit funds and fails to join a TDS before 23rd June 2015, it may be liable to financial penalties and may be prevented from recovering possession of its property from the tenant.
London Short Term Lets
Under section 44 of the Deregulation Act 2015 the government has legislated to permit short-term letting of residential premises in London for up to 90 days per calendar year (previously planning permission was necessary). Using a 90 day cap means that properties cannot be used as temporary sleeping accommodation on a permanent basis and any impact on local amenity should be kept within acceptable limits.