The deposit taken and held against damages and/or unpaid rent will also now be limited to the equivalent of a maximum of 5 week's rent and deposits taken will still need to be registered with one of the government approved schemes.
It will not be possible to increase the deposit regardless of the tenant's situation such as owning a pet or if there is a concern about ability to pay. The media are predicting that landlords will pass on any increased costs (such as having to pay for the inventory check in and check out) to tenants via increased rents so that letting their properties continues to be viable. However, this could have consequences for tenants with longer term tenancies who would end up paying more whilst proving advantageous to those tenants who wish to move more regularly. ARLA has helpfully put together guidance, legal documents, fact sheets, videos and tips to help deal with the loss of income here.
Northfields is a family run company and will always remain fair and transparent with its charges and costs. These are listed in our branches and can be found on our website here.
If you need more information or would like to chat further about any aspect of lettings please do contact one of our lettings team.