Rent Reduction

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Inial rent was £3100 PCM. Due to market conditions, rent has now been reduced to £2700 PCM. We are holding 8 weeks deposit (pets allowed) basis £3100 PCM rent. Now due to reduction in rent, the tenants are asking for the excess deposit to be returned. Are the landlords obliged to return the excess deposit?
Appreciate your advice.

16/05/2018 10:40

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