Landlords and letting agents in Wales should be aware that most tenancies with an annual rental value of up to £100,000 will have to be registered for tenancy deposit protection from the beginning of next month.
From December 1, the threshold for Assured Shorthold Tenancies in Wales is being raised from £25,000 to £100,000. This brings it in line with England where the threshold was raised in October 2010.
Existing tenancies of properties in Wales with annual rents of over £25,000 will now have to be registered with one of the three authorised deposit protection schemes.
For these tenancies, landlords and their letting agents must now provide a new tenancy agreement or an addendum to the existing agreement, explaining the tenancy’s new status as an Assured Shorthold Tenancy and when it will take effect.
Registration of all ASTs falling under the new threshold must be made within 14 days of December 1. However, the deposit protection schemes will accept registration before then.
Deposits taken before April 6, 2007, do not have to be protected unless the tenancy agreement has been renewed.
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