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Attention Landlords!
Ignorance of the Law can seriously damage your wealth!
Are you aware that since April 2007 on any new or renewed Assured Shorthold tenancy you must by Law take specific steps to protect the tenant's deposit and be able to prove you have done so?
Do not let your own or your existing agent's ignorance of this crucial legal obligation cost you the fine that goes with it.
To ensure you are complying contact Castle Estates for a free copy of our Landlord factsheet on this critical subject.
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Further Information
Castle Estates
(South London)
Residential Letting Agents & Property Managers
212 St Ann's Hill, London, SW18 2RU
Tel: 0208 870 9534
Fax: 0845 121 0024
Calling from abroad +44 208 870 9534
The Legal Position
We will prepare the tenancy agreement for you and will usually create an Assured Shorthold tenancy (AST) which is the industry "norm" and entitles the Landlord to seek possession of the property at the end of the fixed term.
The tenancy agreement details the areas of responsibility between you, your tenant, and ourselves as your agent, basically confirming to all parties who is liable for what in connection with the property. It also clarifies what can or cannot be done to the property, such as who is liable for repairs or damages, maintenance and utility charges.
The signing of a tenancy agreement is not sufficient in itself to regain possession of your property, and we will prepare various Housing Act notices which must also be served in the correct format and at the appropriate time.
Execution of all documents, both initially and on any renewals, is part of the service we provide on your behalf, including signing such documents for you as Agent of the Landlord.
With all tenancies, the minimum initial period is normally a six month let, the maximum we would advise at any one time is twelve months.
Renewals can be for any length of time, although for control purposes we would only advise a twelve month maximum. However if you wish to entertain a longer let and the tenant is in agreement, then we would discuss this and proceed on the basis of your instructions to us.
Tenancy Deposit Protection is now compulsory in all new Assured Shorthold Tenancies (AST) where a deposit is taken and in any other situation no matter what date the AST commenced where the deposit changes hands and after that change the deposit is then held by another agent or the Landlord themselves. We will advise you on your obligations in this respect and assist you to meet them as they are considerable and come with financial and other penalties in cases of non compliance.
