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  • Buy-to-Let

    Plans for when Tenant Fees Bill come in?

    The rules for holding deposits are clearly laid out in https://www.legislation.gov.uk/ukpga/2019.../2/enacted.

    If you take a holding deposit you need to have sorted everything out in 15 days (this can be amended with agreement with the tenant).

    If you enter a tenancy agreement in the 15 days, you need to refund the holding deposit within 7 days of signing the agreement (unless the tenant agrees that the holding deposit can be used for the security deposit or 1st month's rent) - this is not a decision for you to make unilaterally.

    If the no agreement is entered into then the deposit needs to be repaid 7 days after the deadline (or if the landlord decided not to enter into an agreement earlier then the date of the decision).

    In the case of no agreement, money can be deducted from the holding deposit before repayment if

    a) a right-to-rent check was failed

    b) the tenant provides false information which is uncovered in reference check (so you need to ask the tenant for all information that is covered by your reference check before taking a holding deposit)

    c) the tenant withdraws

    d) the tenant doesn't make reasonable efforts to enter into the tenant agreement before the deadline (but the landlord/agent do)

    If the landlord/agent performs a prohibited act or drives the tenant away then  c/d do no apply.

    If any of the deposit is being kept then a notice explaining what is being kept and why needs to be provided to the tenant within the same deadline as for payment.



    These rules will allow you to keep the cost of referencing a failed tenant and potentially the lost rent.

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