Blogs

A Complete Guide to the Tenant Fee Act 2019

27th March 2019

One of the most significant legislative changes is the Tenant Fee Act which will be in effect from 1st June. From this date, lettings agencies and landlords will be prohibited from charging tenants with fees associated with the start, end or renewal of a tenancy.

We will only be able to charge tenants the following fees but these will be capped:

  • 1 weeks’ rent holding deposit
  • Damage deposits will be capped at 5 weeks
  • Cost of replacing lost/stolen keys or security devices
  • Rental arrears after 14 days will be charged at 3% above the Bank of England base rate
  • Change of Sharer
  • Novation to the tenancy agreement during the current tenancy

 

In readiness of this change, we will start taking five-week deposits for new tenancies within our London and surrounding area portfolio.

A £5,000 fine per fee will be charged to any agent/landlord found to be still charging prohibited fee(s) to tenant(s).

If you would like to find out more information regarding this legislative change, please contact your local office for further information.

For more information, kindly contact our regional office: