Deductions from bonds
43 Deductions from bonds
The lessor may deduct an amount from a bond paid for a lease only if the amount is owed to the lessor under the lease and deduction of the amount is not contrary to this Act.
Examples of deductions from the lease that are not contrary to this Act
1 the cost of repairs to, or the restoration of, the premises, or goods leased with the premises, necessary because of damage (other than fair wear and tear) caused by the tenant
2 rent in accordance with the lease and recoverable outgoings
3 interest, at a reasonable rate, on an amount payable by the tenant but not paid
4 a reasonable amount (that is not more than the costs incurred) for the cost of any legal fees incurred by the lessor in assigning or transferring the tenant’s rights under a lease
5 the amount of insurance premiums payable by the tenant but not paid.
Recoverable outgoings are outgoings recoverable under s 70 (see dict).
This Act’s bill:Explanatory statementSecond reading speech
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