Deposits Returned?

Deposits Returned?

Money Back!

Deposits Returned?

The Tenant Fee Ban became law on the 1st of June 2019 and limited the fees that tenants would have to pay to rent a property to Rent, Utilities and Damages.  The aim of the legislation was to make it easier for tenants to compare properties and to do away with a system that was widely perceived to be unfair.

Part of the Tenant Fee Ban restricts the maximum deposit that can be held on a residential property to 5 weeks’ rent.  Maher Ross have typically required a deposit of the monthly rent plus £100 so mathematically, this means that those tenants with a monthly rent of less than £650 per month are likely to get a small deposit refund from the DPS .

An indication of repayments are as follows:

Rent PCM

Current Deposit

Reduced Deposit

Refund

375

475

432.69

42.31

400

500

461.54

38.46

425

525

490.38

34.62

450

550

519.23

30.77

475

575

548.08

26.92

500

600

576.92

23.08

525

625

605.77

19.23

550

650

634.62

15.38

575

675

663.46

11.54

600

700

692.31

7.69

625

725

721.15

3.85

650

750

750.00

0.00

 For further information, please contact the Maher Ross team on 01983 563000.