Assured Shorthold Tenancies: Legal Update

On the 1st October 2010, The Assured Tenancies (Amendment) (England) Order 2010 came into effect which broadened the definition of an Assured Shorthold Tenancy ("AST").

Previously a tenancy agreement could only be an AST where the annual rent remained below the £25,000 threshold. The new legislation has increased this threshold to £100,000. This means that lots of tenancies that were previously not caught by the rules governing AST's will now be subject to them, such as the requirements to hold a deposit in an authorised Tenancy Deposit Scheme ("TDS"). The guidance to the legislation provides that any deposits taken prior to 1st October 2010 will not be affected however, if a tenancy is renewed after this date or a new deposit is taken, the deposit will need to be protected in a TDS.
There are many other factors to consider in this field, if you require any further information or assistance with regards to AST's please do not hesitate to contact our Commercial Property Department.

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