9:37 AM, 19th June 2018, About 4 years ago 8
The Government have written to a Conservative and Labour MP to clarify the rules and data regarding Holding deposits and Tenancy deposits post the Tenants Fees Bill.
Junior Housing Minister, Rishi Sunak, has confirmed the new position on taking these deposits in an open letter following questions raised at the first session of the Public Bill Committee.
The Letter states:
On Holding Deposits
I promised to confirm the timescales with regards to holding deposits. The Bill provides that landlords and tenants will usually have 15 days to enter into a tenancy agreement once a holding deposit has been paid. This is the deadline for agreement and during this period, landlords, agents and tenants should take all reasonable steps to enter into a tenancy agreement. Landlords and agents may agree a different deadline for agreement with the tenant in writing.
Landlords and agents must refund the holding deposit in full within 7 days of:
On Tenancy Deposits
I also promised to share the data with the Committee from Scotland, which strongly suggests that capping deposits will not lead to such a cap becoming the default.
In Scotland, the data shows that actual deposit rates are running at around £580 to £730, when the maximum allowed under the cap is, on average, £1286. This compares to a 2 bedroom average rent of £643 per month in Scotland in the year to September 2017, as published in the Private Sector Rent Statistics.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
Previous ArticleRents or equity?
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|