Question about Deposit Protection Scheme

PeacefulSlumber

Hi

First of all, an apology if this is an incredibly stupid question, it even sounds obvious to me when asked out loud but thought i'd double check.

I read an article in the Telegraph this morning about the amnesty for landlords to secure tenants deposits expiring shortly and then landlords who have not registered with a DPS company may become liable for fines.

I live abroad and since last summer I have rented my uk property out to trusted family members, we have an AST in place and my family pay rent but I did not take a deposit from them and the tenancy agreement confirms no deposit was paid. The property is an above board BTL property, bought with a BTL mortgage in 2004 and we have lenders agreement to rent to relatives, if that makes any difference.

Do I still need to register with a DPS company to make sure I have complied with the law? Seems totally pointless to me as I have no deposit funds to protect!

Thank you

Pixie5740

You only have to protect a deposit if you have taken a deposit. In your case there is no deposit so you are absolutely fine.

G_M

If you did not take a deposit, you do not need to register it.

Unrelated:

1) does the taxman know? Read about :
HMRC (Non Resident [= overseas] Landlord Scheme)

2) do the tenants have an address in Eng/Wales for you?
Landlord and Tenant Act 1987 (Address for Notices; etc)

theartfullodger

No deposit, no problem:

It wasn't one of those "extra rent in advance" pretending not to be a deposit was it??

Anything else missing? Gas safety certificate, ALL rent (& allowable expenses) declared to HMRC?? Landlord insurance (normal insurance is useless...)

"Trusted family members"?? Too many reports here & elsewhere indicating such persons may not exist...

PeacefulSlumber

Thanks so much for the quick replies, much appreciated.

jjlandlord

PeacefulSlumber wrote: »

I read an article in the Telegraph this morning about the amnesty for landlords to secure tenants deposits expiring shortly and then landlords who have not registered with a DPS company may become liable for fines.

For the record, this 'amnesty' only applies to a very specific set of circumstances.

'journalists'...

PeacefulSlumber

Thanks artfulllodger, no nothing else is missing, all safety certs in place, all income declared to HMRC and no sneaky deposit masquerading as extra rent. Just a straightforward move in and pay the rent so that I can help out my relative and they in return allowed me to take advantage of an overseas opportunity without the worry or delay of getting a stranger in to rent the place.

pmlindyloo

jjlandlord wrote: »

For the record, this 'amnesty' only applies to a very specific set of circumstances.

'journalists'...

Any chance of a link to show what the specific circumstances are?

jjlandlord

pmlindyloo wrote: »

Any chance of a link to show what the specific circumstances are?

https://lettingmate.uk/blog/1-bye-bye-superstrike