We let you know in January that all tenancy deposits that exceed the equivalent of five weeks of the property’s current rent will need to be revised, in line with the second stage of the Tenant Fees Act which comes into force in June 2020.
We are currently checking each deposit against the Tenancy Deposit Scheme (TDS) records to identify which properties are affected by this change in legislation. Once this check is complete we will be instructing the TDS to refund the amount of deposit that exceeds five weeks’ rent on each related property. This is something that we must implement to ensure that you stay legally compliant with your tenancy.
There is nothing you need to do, however we will email you to let you know if your tenancy has been affected by this change and also inform you of the revised deposit level we will be holding moving forwards. We expect this process to be completed within the next four weeks and this change will only affect tenancies which were granted prior to 1st June 2019.