Under the Tenant Fees Act 2019, we (Wilson & Co) can accept payments which are expressly permitted under Schedule 1 of the Act, as follows:
1) The rent
2) A refundable tenancy deposit capped at no more than five weeks rent, where the annual rental income is below £50,000 and six weeks rent when the annual rental income is £50,000 or more.
3) A refundable holding deposit (to reserve a property) capped at no more than one weeks rent. This will be refunded to you when you sign a tenancy agreement with the landlord or if the landlord decides to pull out of the arrangement. We will retain the holding deposit if you fail a right to rent check, withdraw from the application process or if the landlord and agent take all reasonable steps to enter the tenancy, but you do not.
N.B The deadline for agreement is the date by which agents/landlords and tenants should enter into a tenancy agreement after payment of the holding deposit. The default deadline for agreement is 15 days following receipt of the holding deposit, but we may agree in writing a longer deadline with you.
We (Wilson & Co) are entitled to retain the holding deposit if the information provided is false or misleading information. In the case that we do retain the holding deposit, we will provide reasons in writing to you within 7 days of the decision not to enter into a tenancy agreement. If we fail to do so, we will refund the holding deposit.
We will not receive multiple holding deposits on the property. Either you will enter into a tenancy agreement or we will refund your holding deposit prior to taking another holding deposit from another party.
Wilson & Co Homes are part of a client money protection scheme, we are CMP certified through UKALA