The Tenant Fee Act came into place June 1st, 2019, and we worked very hard to make sure we have implemented this change into every aspect of the business in order to provide a smooth transition for us, our landlords and tenants. The legislation means that landlords and agents are no longer allowed to charge tenants any fees associated with the start, end or renewal of tenancy.
Fees such as referencing and inventories are now prohibited fees, however as they remain important steps, and part of our due diligence prior to moving tenants into a property, we have applied these charges to landlords. This way we can ensure that we are moving in the best quality tenants as possible.
We are only able to charge tenants the following fees but these will be capped:
New additional costs to landlords for third party suppliers for essential services:
A £5,000 fine per fee will be charged to any agent or landlord found to be still charging prohibited fee(s) to tenant(s).
There is deadline for any holding fee to be refunded in full to the tenant within 15 days of payment, unless consent is given from the tenant for the holding fee to be deducted from their security deposit and rent upon contract signing.
More information about the Tenant Fee Ban can be found here.
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