As you may be aware, the Tenant Fees Act came into force on the 1st June 2019. One element of this legislation capped tenant deposits at five week’s rent as a legal maximum. This applied for all new tenancies from 1st June 2019. However, this cap will be retrospectively applied to all existing tenancies on the 1st June 2020.
Therefore if your property’s deposit currently exceeds five week’s rent, we will need to refund the difference to the Tenant to ensure you remain legally compliant. We will be carrying out a review of tenancy deposits during early Spring on our managed portfolio to ensure each deposit sits in line with regulations and refunding any excess amounts where necessary back to Tenants.
