Web21 May 2024 · Under the Tenant Fees Act, holding deposits are capped at one week's rent and landlords or agents will only be able to hold your money for 15 days (unless an alternative date is agreed by both parties in writing). Once the deadline expires, the deposit must be repaid within seven days. Web11 Apr 2024 · Tenant Information - From June 1st 2024, as a result of the Tenants Fee Ban Act, tenants will only have to pay limited fees for setting up and concluding a tenancy agreement as well as a limited number of charges during the tenancy. ... The only charges other than the holding deposit will be rent (1 month in advance) and security deposit ...
Tenant Fees Ban Guidance for 2024/21 Alan Boswell Group
Web1 Dec 2024 · Refundable tenancy deposit – this is capped at five weeks’ worth of rent (for tenancies where annual rent is less than £50,000). Where rent is £50,000 or more, you can charge up to six weeks rent as a deposit. Refundable holding deposit – you can ask potential tenants to pay a reservation fee to hold the property, this is capped at one … Web• a refundable tenancy deposit capped at no more than five weeks’ rent where your total annual rent is less than £50,000, or six weeks’ rent where your total annual rent is £50,000 … ccts code
Blog - Tenant Fees Ban - The Landlord
Web17 Sep 2024 · What does the Tenant Fees Act state about holding deposits? The Tenant Fee Act, which was passed in 2024, prohibits most previously common letting fees and sets the maximum cost of tenancy deposits in England. The act allows for refundable holding deposits that may not exceed more than a weeks rent. WebYou should only accept one holding deposit for one property at any one time. If you accept more than one, this will be a prohibited payment unless you have been permitted to retain … WebLandlords are entitled to ask their tenants for a deposit before they move into a property. There are restrictions on the amount that can be asked for. If the annual rent is less than £50,000, the landlord cannot ask for more than five weeks’ rent. If the annual rent is £50,000 or more, the deposit can be up to six weeks’ rent. ccts card