I agreed with the tenant a rent increase but when I try to change the rental amount (Please Sign In / Register First | OpenRent), I receive an error message: “By law the deposit cannot be larger than 5 weeks rent”.
With the new rent amount, the limit for the tenancy deposit would be 957GBP (and the max holding deposit would be 191GBP) but the contract started in 2019 and the deposit (at that time it was possible) is 1300GBP.
Do you know what I should do?
Returning part of the deposit?
How much? (1300-957) = 343GBP?
Or (1300-957-191) = 152GBP?
Thank you.
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How are you trying to change the rent amount? Are you trying to sign a new contract? If so, you’ll need to sort refunding part of the deposit so it is less than 5weeks at the new rental level.
You do know you don’t need to do this to change the rental amount? You can agree a new rental level in writing or by email with your tenant, and then the existing contract signed in 2019 is not being replaced. The new rent level becomes contractual once they have paid it for the first time.
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Hello Karl11,
Thank you for your reply. I have a written agreement, but I wanted to change the amount on Openrent Website because the Rent Collection service is active.
If I try, I receive the attached message. I guess, that I have stop with the Rent Collection service.
Kind regards,
Debora
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