Are you prepared for the Localism Act? Checklist for Members

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Are you prepared for the Localism Act? Checklist for Members

The good news for members is that when the Localism Act comes into force on April 6th 2012, you shouldn't notice much change in the administration of protecting your deposits. The timescale for registering deposits and serving Prescribed Information has increased from 14 to 30 days - but the 30 days is an absolute deadline - so be sure not to miss it!

But don't forget! As a result of the Localism Act, Prescribed Information and clauses for your terms of business have been updated, and you will need to make some small revisions to your documentation.

Here is a checklist for TDS members of what you need to do:

For Assured Shorthold Tenancies:

  • Update your Prescribed Information (Section A) to reflect the extension of the registration deadline from 14 days to 30 days. This applies to new Assured Shorthold Tenancy agreements which begin on or after 6th April 2012.
  • The advisory leaflet What is the Tenancy Deposit Scheme? (which forms part of the Prescribed Information) has also been updated. Download the new version here, or get it from our website by click this link.
  • Check that your existing Tenancy Agreements contain the correct clauses (section B), and that your Prescribed Information (section A) comply fully with the requirements of the Localism Act. If you are concerned that they may not comply, you should seek to correct this as soon as possible and no later than 5th May 2012.

For Terms of Business

  • Update your Terms of Business to include new Clauses (Section C).

We have updated our Prescribed Information and Clauses document, which sets out the changes you need to make. For your convenience we have highlighted the additions you need to make in yellow - DOWNLOAD HERE

This checklist covers the practical changes you should make in preparation for 6th April 2012. For more detailed information on the changes made by the Localism Act you can download the following TDS guidance documents:

Some frequently asked questions on the changes introduced by the Localism Act 2011

The Housing Act 2004 and the changes introduced by the Localism Act 2011

Tenancy Deposits - Confusion and Clarification

TDS has also published a comprehensive 67 page guide by David Smith of Anthony Gold Solicitors. This is the most in depth guide to tenancy deposit protection and you can download it for free by logging on to your Member's page, clicking Agent's documents and forms, and looking for 'A Guide to the Tenancy Deposit Scheme.'

Alternatively, you can buy a hard copy for £5.99 by completing and returning this order form 'A Guide to the Tenancy Deposit Scheme' Book by David Smith Order Form

Posted by Chris Kendall on 21 March 2012

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