I’m a first time landlord (since April 2019) have an Open Rent rental contract with my tenants that runs until the end of March 2021, with a deposit that is currently above the equivalent of 5 weeks rent. The deposit amount is clearly stipulated in the rental contract.
Am I correct in understanding that I need to initiate a deposit reduction & refund of the balance by June 2020, to reduce it the the equivalent of 5 weeks rent? At the same time, I assume that we need to amend the rental contract - is everyone doing this too, and are you doing a side letter, or how are people handling this?
Advice much appreciated! Thank you very much,