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Caps on security deposits could be reduced from the equivalent of six weeks of rent to five in new legislation going through Parliament.
This is now apparently the plan – despite earlier reports that last May, the Government had successfully defended its decision to cap deposits at six weeks’ worth of rent.
David Smith, policy director for the Residential Landlords Association, criticised the move revealed as the Tenancy Fees Bill progresses through Parliament.
He said: “If this is true, landlords will feel badly let down by a Government which says it wants to support good landlords.
“The Government had accepted that a cap of six weeks was the minimum many landlords required.
“This is needed to address the problem of tenants who fail to pay the last month’s rent and leave a property damaged.
“Ministers claim that they want to cut the cost of renting yet this is another measure that the Government is taking that will further cut the number of landlords and properties available as demand continues to rise, so actually driving up rents up.”Full/source articleWhat are your views on this news?SEE ALSO - Tenancy deposit disputes below 1% - 8th yearUP NEXT - Tenant wants to use deposit as last paymentDON'T MISS - TDS Chief: Deposit protection should stayNOW WATCH:
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
I have not taken a deposit since the law changed I think in 2007
a burucraric nightmare
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
How do you counter any damage and/or rent arrears? Are you just talking about HMO rooms or single lets as well?
Adapt or die - Charles Darwin
DL doesn't do HMO's, just single lets.
I've found a deposit can keep a tenant focussed over the years, wouldn't dream of not having a deposit!
Should the government fall this bill will naturally disappear...
If the government falls and Labour get in, expect a full scale war against landlords.
So basically capped at one month plus a couple of pennies. ( from watching the debates on the subject in the house it's clear most mps don't understand the difference between 4 weeks and 1 month because they were using them interchangeably)
Rent will have to be advertised as 'from' - poor credit history or pets and you pay more but won't know how much until your application is assessed .
I don't see that as a step forward for tenants.
DISCLAIMER just my personal opinion - for legal advice consult a qualified professional grown-up.
Sadly poor credit history likely to often go hand in hand with potential tenant being poor - and those needing LHA which is already below market rents are then facing double whammy.
I wouldn't feel "badly let down" by this.
The change would be so insignificant it would barely register on my radar.
I think 'badly let down' is a relatively positive response, it doesn't even qualify for 'affecting the most vulnerable in society'.