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Do you know about the tenancy deposit cap coming into effect on 1st June 2019?

The Tenant Fees Bill will come into effect on 1st June 2019. A key part of this new legislation is that tenancy security deposits will be capped at the equivalent of 5-weeks’ rent for assured-shorthold tenancies with an annual rent of up to £50,000.00, or 6-weeks’ rent for tenancies with an annual rent of £50,000.00 or more.
This applies to all tenancies signed on or after the 1st June 2019 and will not affect any tenancies signed before 1st June 2019 (irrespective of when the tenant actually moves into the property)
Communities and Local Government believe that the amendments ‘strike a fair balance between improving affordability for tenants whilst ensuring that landlords and agents have the financial security they need’
If you would like to check whether your deposit exceeds the new deposit cap, please contact our residential property department today.

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