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Do I need to reduce the deposit?
GDB2222
Posts: 26,951 Forumite
I set up a tenancy in January 2019, with a fixed term of one year. The deposit was six weeks rent.
The tenancy will become a periodic tenancy in January 2020. Do I have to reduce the deposit down to five weeks then?
If so, has anyone been through the process with DPS to make a partial repayment?
The tenancy will become a periodic tenancy in January 2020. Do I have to reduce the deposit down to five weeks then?
If so, has anyone been through the process with DPS to make a partial repayment?
No reliance should be placed on the above! Absolutely none, do you hear?
0
Comments
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Tenant Fees Act 2019: guidance for landlords and letting agents (updated July 2019)
Q. If a tenant paid a tenancy deposit which exceeds the cap before 1 June 2019, do I need to re-pay the amount of the deposit above the cap?No. Landlords and letting agents are not obliged to immediately refund part of a tenancy deposit that is above the cap but was paid before 1 June 2019. If a tenant signed a tenancy agreement before 1 June 2019 (and that tenancy is continuing or is a statutory periodic agreement) then the tenant will be bound by the terms of that contract until it is either renewed or terminated.
My understanding of this is that you need not return the excess deposit when the tenancy goes periodic, but will need to do so in June 2020.Q. What happens after the transition period?
From 1 June 2020, any provision in continuing tenancies that breach the fee ban or deposit cap will no longer be legally binding. This includes continuing assured shorthold tenancies, tenancies of student accommodation, licences to occupy housing signed before 1 June 2019 and statutory periodic tenancy agreements arising during the transitional period from a fixed term signed before 1 June 2019.
I think.0 -
Tenant Fees Act 2019: guidance for landlords and letting agents (updated July 2019)
My understanding of this is that you need not return the excess deposit when the tenancy goes periodic, but will need to do so in June 2020.
I think.
I have read a few sources over the last 6 months and agree that seems to be the case.When using the housing forum please use the sticky threads for valuable information.0 -
What a minefield.
Thanks for the helpful comments.No reliance should be placed on the above! Absolutely none, do you hear?0
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