Renewing Deposit - Original Deposit 6 Weeks Rent

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    Renewing Deposit - Original Deposit 6 Weeks Rent

    Hi

    Just renewing a deposit for which I took a 6 week deposit 5 years ago. Just went in to renew on MyDeposits but it won't allow me to protect the original figure as it is more than 5 weeks rent.

    Am I supposed to refund one week and protect just 5? Seems totally crazy if this is the case.

    Many thanks
    Claymore

    #2
    If it's a new tenancy, the new rules apply.
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

    Comment


      #3
      Originally posted by jpkeates View Post
      If it's a new tenancy, the new rules apply.
      It's the renewal - tenants are going into year 6.

      Comment


        #4
        A renewal sounds like a new tenancy.
        When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
        Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

        Comment


          #5
          OK thanks, so I have to refund one week and protect 5 weeks?

          Comment


            #6
            Or follow the standard advice, here, and let the tenancy go periodic.

            Comment


              #7
              Originally posted by Claymore View Post
              OK thanks, so I have to refund one week and protect 5 weeks?
              Yes you do.
              When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
              Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

              Comment


                #8
                Originally posted by jpkeates View Post
                Yes you do.
                Little blip with MyDeposits I think. I renewed Tenancy 30 May and I have 30 days to re-protect deposit but MyDeposits is setting the maximum deposit as 5 weeks by default, even though the new AST is effective prior to 1st June.

                I am not letting the tenancy go periodic so, just renewing at 5 weeks and refunding a week.

                Comment


                  #9
                  Originally posted by Claymore View Post
                  I am not letting the tenancy go periodic so, just renewing at 5 weeks and refunding a week.
                  That, or go with a different scheme if MyDeposit won't let you do it.
                  I am not a lawyer, nor am I licensed to provide any regulated advice. None of my posts should be treated as legal or financial advice.

                  I do not answer questions through private messages which should be posted publicly on the forum.

                  Comment

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