Renting Homes (Fees Etc.)(Wales) Act 2019: Guidance for landlord's and agents

New regulations (from 28 February 2020) state that landlords must give tenants Prescribed Information - a list of information before they ask for a holding deposit.

The information can be given by hand as printed copies or electronically if consent is obtained first.

The following information must be provided:

Holding deposit amount
Address of the rented property relating to the holding deposit
If a holding deposit is paid to a landlord or letting agent, their name and contact details
Term of the tenancy agreement
Proposed move-in date
Rental amount
Rental period
Details of any contractual terms not included as standard in the rental agreement
Security deposit amount
Any contractual terms relating to a guarantor
Details of any reference checks the tenant can expect
A list of information the tenant may need to provide

In Wales, any holding deposit must be returned within 15 days of payment, unless the landlord/letting agent has agreed another date with the prospective tenant in writing.

If an agreement is entered into, the holding deposit may be offset against a security deposit or first month’s rent.

If the tenant pulls out of the rental before the 15 days (or other agreed date), the holding deposit can be retained as long as the information has been provided. Otherwise, it must be repaid within seven days.

Under the Renting Homes (Fees Etc.) (Wales) Act 2019, a landlord or letting agent can only take one holding deposit from a prospective tenant at a time.