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Mon 11 Mar 2019
The Tenant Fees Act 2019 comes into force on 1 June 2019. The legislation dictates that 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, or 6-weeks' rent for tenancies with an annual rent of £50,000 or more.
These changes will apply to ALL new tenancies entered into from 1 June 2019, alongside any existing tenancies that are renewed on a fixed-term basis. For clarity, this does NOT affect any tenancies which continue on a periodic basis. Also, if new tenancy agreements are entered into (signed) before 1 June 2019, these tenancies will not be affected initially, irrespective of when the tenant actually moves into the property, though the cap will apply to any future renewal.
At present, all of the tenancy deposit protection schemes are currently in joint discussions with The Ministry of Housing, Communities and Local Government (MHCLG), in relation to deposits currently protected that will be affected by the cap. As part of these discussions, we are defining the process that will be implemented by all three schemes, following approval by MHCLG. It is intended that this process will result in the least amount of administrative effort for you and will be based around a part-repayment of a deposit; we won't require you to repay and re-protect deposits (or issue new Prescribed Information)
"Living Property at Beccles 5 stars ! I own two properties in the UK. The one in Worcestershire is managed by a national chain and although I am quite satisfied by their service the difference in management skills is vastly different. At Living Property I need only send one email or make one phone call to ask Kim or Paula and their team to sort out the most complex of problems and they do so without delay without having to constantly refer back to me. Unlike my other property there is no waiting to send out a contractor to change locks, clean a carpet or fix a fence. I live abroad with a six hour time difference and my property has been nothing short of a nightmare listing for them from the start. To date they have dealt with a fire resulting in a complete refurbishment, Fire chiefs, insurance agents, contractors of every description plus difficult tenants. All were dealt with professionally and efficiently. I am certain that the "national chain" would have dropped this property from their books by now. Not the team at Living Property. Despite all this they quickly found me a perfect family. I cannot recommend them highly enough. J Taylor "