On 1 October 2010 the Assured Shorthold Tenancy (AST) threshold will increase from £25K to £100K. This will mean that any residential tenancy (other than Company Lets) where the rent currently exceeds £25K per annum will become an AST.
The main implication for landlords and tenants is that deposits held for these newly converted ASTs must now be protected.
Also, it will become necessary to serve prescribed notices to end the tenancy either at the end of the fixed term or for a breach of contract.
Over the past weeks we have been contacting our landlords and tenants who will be affected by this change to ensure that necessary paperwork has been completed and that the tenants’ deposits are registered with the appropriate government recognised schemes.
As part of our internal training program all of our lettings team members will be updated on the changes and will be able to answer any queries our landlords or tenants may have.
We are also happy to provide free and impartial advice to any landlord who is either concerned about the changes to the AST threshold or who would like to take advantage of our free consultation and marketing proposal for their property.
I would be delighted to hear from you.
Associate Director - Summertown Office
01865 554577 / firstname.lastname@example.org