Rent Deposit Rules Update

If you are buying or selling a property with a tenant or letting out an existing property, there are rules regarding the rent deposit that you will need to follow.

Since 1st June 2019 the rent deposit has been capped at 5 weeks rent for the vast majority of rented property.

Landlords may use a custodial or insurance backed scheme for holding the rent deposit. They need to make sure that the prescribed information is resent to the tenant when the landlord changes and that the scheme formalities are followed.

If you are thinking of buying or selling a property subject to a tenancy then please contact our property team for advice.

The information given on our website and blog is of a general nature and may not be relied upon as legal advice as every case will be different to some extent. We would need information regarding specific circumstances and requirements in order to advise individual clients.