With the introduction of the Tenant Fee Ban 2019 looming fast, Rachael James, Head of Lettings, explains what the ban entails and what all Landlords need to know.
A ban on upfront letting agents’ tenant fees will come into effect on 1st June 2019. This change in the legislation will certainly have an impact on the private rental sector.
The aim of the bill is threefold
What are the legal changes?
When will the ban be implemented?
The Tenant Fee Regulations 2019 come into effect on 1st June 2019
How will it affect landlords?
Currently, the fees paid by a tenant in advance of their tenancy pay for the agent’s services in processing thorough and critical reference and background checks and a check-in of a detailed schedule of condition of the property.
Landlords need to recoup the costs elsewhere, invariably through charging higher rents. It is believed therefore that the Government’s decision to implement a ban on upfront fees will most likely have a negative impact on the very people the legislation is intended to protect.
Our experienced and qualified letting agents can advise landlords further on this – and the many other pieces of legislation governing letting property. Visit our Landlords Guidance Page for more information on how the Symonds & Sampson Team can help guide you through the changes ahead, as well as the many other services we offer to Landlords, or contact the team for further information.