-New Section 21 possession notice issued by Government.

-New How To Rent Guide document to accompany all new and renewing tenancies.

-The Tenant Fees Act commences. The lettings world starts a new era as of today! This effects both agents and landlords, including tenancy agreement wording for both new and renewing tenancy agreements, tenancy deposit amounts, holding deposit procedures and what tenants can and cant be charged for.

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Further information regarding the Tenant Fees Act – Acceptable costs to tenants when renting a new property:

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-Initial holding deposit, a maximum of 1 weeks rent (not a fee and will go towards balance of move in monies if tenancy goes ahead). Payable on tenancy application.

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-Tenancy Deposit (capped at 5-weeks rent if rent under £350’000 p/a)

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Other acceptable £0charges during the tenancy:

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– Change of sharers fee when existing tenants request to remove or change the tenants name(s) on the tenancy agreement – £350.00 (to cover updated references and new tenancy agreement)

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-Interest on late rent payments, 3% above Bank Of England base rate, chargeable after 14 days.

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-Default payment for replacing any lost keys or problems caused at the property deriving from being a tenants fault.

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-Payments associated with early termination of the tenancy when requested by the tenant.

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-Payments to service providers in respect of utilities, communication services, TV licence and council tax.

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With financial and legal consequences for those who don’t comply, landlords NEED to be aware about the details of these, whether you self-manage or have a managed service.

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All is left is to see if these changes do make the intended improvements for tenants and the private rental sector, or indeed potentially create unintended and indirect negative consequences, as landlords and agents are set to incur further costs.

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Please contact us to discuss and get advice should you wish. £0