🚨 Welcome to my weekly series, '𝐄𝐯𝐞𝐫𝐲𝐭𝐡𝐢𝐧𝐠 𝐚 𝐥𝐚𝐧𝐝𝐥𝐨𝐫𝐝 𝐧𝐞𝐞𝐝𝐬 𝐭𝐨 𝐤𝐧𝐨𝐰 𝐚𝐛𝐨𝐮𝐭 𝐥𝐞𝐠𝐢𝐬𝐥𝐚𝐭𝐢𝐨𝐧’! 🚨

Todays episode is all about the cap on Tenant Deposits!

Here are some of my highlights you need to know from this episode:

✅ Landlords and agents must comply with the cap on tenant deposits and return all surplus deposits by the end of the Tenant Fees Act transition period on 1 June 2020.
✅ The cap was set at five weeks’ rent for tenancies where the total annual rent for the property is less than £50,000 per year, and six weeks’ rent where the total annual rent for the property is £50,000 or more per year.
✅ If the tenancy agreement was signed before 1 June 2019 and rolls into a statutory periodic tenancy, then the deposit does not need to be reduced until it ends or is renewed, and a new tenancy agreement is signed.

Stay tuned for my following episodes; coming every Friday! See the rest of the series by clicking here: bit.ly/3sDfV9P

So if you are looking for an 𝗘𝘀𝘁𝗮𝘁𝗲 𝗮𝗴𝗲𝗻𝘁 to give advice on renting out your property please contact me directly on 𝟬𝟳 𝟴𝟬𝟳 𝟱𝟮𝟵 𝟭𝟳𝟯. You can also reach the Johals team on 𝟬𝟭𝟭𝟲 𝟮𝟵𝟲 𝟲𝟴𝟴𝟴📞

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