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Deposit Cap Calculator to the rescue

15 August 2019 2723 Views
Deposit Cap Calculator to the rescue

Do you know how much your deposits should be? Since June 1 of this year, the government has capped deposits at 5-weeks' rent for assured-shorthold tenancies with an annual rent of up to £50,000, or 6-weeks' rent for tenancies with an annual rent of £50,000 or more. This is a legal requirement, so if you’re renewing a tenancy in the future on a fixed-term basis, you’ll need to refund your current tenants if the original deposit amount exceeds this. Whether you have one property or a large portfolio, this means re-evaluating how much you’re protecting.

Deposit Cap Calculator to the rescue

*The cap applies to all new tenancies and fixed-term renewals, including ASTs/student accommodation and licences to occupy housing in the PRS.

That sounds time consuming right? Wrong! With our Custodial scheme DPS Deposit Calculator, just enter the details and we do the maths for you. Whether you’re renewing a tenancy, or you just want to get ahead of the game, simply send us the details and we’ll refund the amount requested to your tenants. For those of you with deposits protected in an insured scheme, we have a separate calculator especially for you.

How many times can I use the Deposit Cap Calculator?

You can use the Deposit Cap Calculator as many times as you need. Either use the calculator to tell us what you want to refund when each tenancy renews, or use it to reduce all of your affected deposits in one go. The choice is yours!

How do you make sure the refund request is from me?

As long as the deposit refund request is sent from your registered email address or an email address registered on your DPS account, we’ll accept the refund request.

How long does the refund take?

We’ll send you a receipt telling you we have received your request. All refunds will be completed within 10 calendar days of this.

Will I receive confirmation the money has been refunded?

Yes, we’ll send an email to you once we’ve paid the refund to your tenant.

What if I can’t use the calculator for some reason – can I still refund my tenants?

Of course! You can still manually work out the value of deposit you need to return and send us the details at depositcap@depositprotection.com. Just provide your landlord ID, deposit ID, the current deposit value protected and the amount you want us to refund.

I’m renewing a tenancy that was entered into before 1 June 2019. The deposit is over the cap amount. How soon do I have to repay the difference to the tenant?

All three of the government-authorised Tenancy Deposit Schemes advise you return the difference to the tenant as soon as you reasonably can and definitely no more than 28 days from the date you renewed the tenancy.

If you want to know more about the tenancy deposit cap, or our calculator, you can read more over on our blog.

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