Could you be owed money back on your deposit?

Could you be owed money back on your deposit?

With Christmas just around the corner now feels like a more than ideal time to check whether you might be owed a few hundred pounds out of the blue.

By and large it’s been a decent enough year for renters, but of course the cost of living as well as average rents are growing quickly and whilst wages are also growing, they’re struggling to keep pace with the rise in inflation.

Things like food shopping, fuel and other necessities have been increasing in price thanks to a number of issues such as a shortage of haulage drivers, Brexit and the Covid-19 pandemic causing supply chain issues across the world.

However, these now appear to be easing in time for Christmas, and so we can hopefully have a fairly settled festive period.

Whilst it can be very easy to rent in comparison to buying your own home, there are sometimes stumbling blocks and one of those used to be high deposits, but the rules have changed recently, and it might be time to double check whether you’re owed some back.

Check your deposit to see if you’re owed money

As reported by Emma Munbodh for the Mirror, “Private renters are being told to check their deposits as thousands could be owed refunds due to a cap on how much they can be charged.

That’s through the Tenant Fees Act which states landlords cannot charge renters more than five weeks’ rent upfront. The law came into force in England in June 2019 and placed restrictions on deposits and other charges made by landlords and letting agents.

The average tenant is now £113 better off as a result of the deposit cap, research by Generation Rent found.”

As you can see it truly pays to ensure that you know your rights when it comes to renting and ensure that you’re doing your research as to what changes could be coming that affect you in the short and long term.

As a renter, you’ll no longer be charged for application fees, but will still need to pay a security deposit moving forward, but this has been reduced by a decent margin to ensure that they’re affordable for renters.

If you’re thinking about moving or just want some advice it might be worth reaching out to one of our specialists who can help you with any queries or questions you might have.

Additionally, they can help you search for new properties by understanding what you need, what you’re looking for and what types of areas you’re looking at.

Our agents and experts can help you with the legal stuff and any other stuff you might not have thought of, so why not give us a call today?

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