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Get Tenancy Deposits Right with our Free Calculator
The 1st of June was the deadline for the implementation of the Tenant Fees Act 2019.
As of this date the tenancy deposit will be capped to a maximum of five weeks rent where the annual rent is less than £50,000 and six weeks rent where the annual rent is £50,000 or more.
If any more than this is taken it will be a ‘prohibited payment’. This means:
It is important when taking a deposit that you work it out correctly as if the payment is just £0.01 over the permitted amount you will, strictly speaking, be subject to penalties. So you need to be careful.
To ensure we all remain compliant with these new deposit rules Landlord Law have produced a very easy and free to use Tenancy Deposit Calculator below:
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