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New rules on holding deposits set to be part of fees ban legislation

MY DEPOSITS

New rules over holding deposits are set to come into force in conjunction with the ban on fees.

The draft Tenants Fees Bill, as proposed, will require holding deposits to be refunded to tenants within seven days of the tenancy agreement being completed, or within 15 days of the deposit being taken if the agreement is not completed for reasons within the landlord’s control.

The holding deposit will not have to be refunded if the tenant has no Right to Rent under the Immigration Act, if the landlord (or their agent) did not know this at the time of accepting the deposit.

The holding deposit will also not have to be refunded if the tenant fails to enter the tenancy agreement, or if the tenant provides misleading information affecting their suitability to rent the property.

There is an excellent and very clear summary of the whole of the draft Tenant Fees Bill at the link below.

https://www.lexology.com/library/detail.aspx?g=502415b8-4625-4be8-b010-c0de472866a6

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Source:: New rules on holding deposits set to be part of fees ban legislation