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Reposit deposit cap

Thu 11 Apr 2019

the Tenancy Fee Bill is coming into law from June 1st 2019. This will ban most fees charged to tenants by Landlords and Letting Agents.

This ban will apply to all tenancies from 1st June 2020. There is however a 1-year transitional period for all tenancies that have started pre-ban and end during 1/06/19 - 1/06/20. 

Security deposits will also be capped at 5 weeks which is a major issue for Landlords where Tenants do not pay their last month's rent or for the rising number of Tenants with pets.

It is for this reason that we have been working with our partners Reposit, offering a zero deposit scheme to Tenants & Landlords, which is an insurance based alternative to cash deposits providing cover for 8 weeks rent. Underwritten by Canopius, a Lloyd’s of London insurer, and regulated by the FCA, Reposit is the most reputable product on the market.

If you aren’t already, we highly recommend you offering this as an option alongside the traditional deposit schemes to alleviate some of the issues the Tenant Fee Bill will incur. 

"I would like to say that Saffron is very impressed with how Living Property Waveney Lettings and the staff has worked with us on setting up this tenancy. It is refreshing to meet a private sector company who understands the housing needs of vulnerable customers and are willing to work with us for the best outcome for the owner and tenant. I look forward to working with you"
Sarah Spelman - Saffron Housing Trust Ltd (Housing Association)