For all tenancies entered into after 01/06/2019 new laws will apply limiting the maximum deposit a landlord (or agent) is allowed to take from a tenant to a maximum of 5 weeks rent in total.
Now that this law has been passed, we have taken the decision to start limiting all deposits we hold to a maximum of 5 weeks rent for all new tenancies and renewals straight away.
What this means for tenants who are renewing their tenancy is that they will automatically receive a credit to their rent account if their deposit is reduced from the amount we are currently holding to the new maximum of 5 weeks rent at the point of renewal. This credit will remain on the tenant's rent account with Let Me Properties until they use it to pay rent or fees. If the credit remains on the tenant's account until the end of their tenancy, it will automatically be refunded to the tenant along with the tenancy deposit after they have moved out and claimed their deposit refund.
To find out what your credit will be, you should deduct the new deposit (shown on your new tenancy agreement) from your old deposit (shown on your current/previous tenancy agreement) - that figure will be your deposit credit which has been applied to your rent account at the point of renewal, unless the money has been used to pay fees or rent instead.
To simplify the process of renewing your tenancy, we will usually extend your current tenancy to the end of the month in your final month and then we will renew the tenancy from the start of the next month. This will help to avoid the need to prorate your rent and will make it easier for you to keep track of how much rent you need to pay and when you need to pay it. If this is the case, it will be explained within our emails when agreeing the terms of your tenancy renewal.