From 1st June 2019, the UK Government put a ban on tenancy fees to reduce the costs that tenants can face at the outset and throughout a tenancy.
The Tenant Fees Act 2019 states all payments ‘in connection with the tenancy of housing in England are prohibited unless they are one of the prescribed ‘permitted payments.’’
You will now be able to look at what a property will cost you in the advertisement rent with no hidden costs.
The only payment a landlord or letting agent can charge to their tenants in the new contract are:
Landlords or agents found to be charging illegal fees after today can be fined up to £5,000 for a first offence. If they break the rules again within five years, they will face an unlimited fine.
The Act also introduces a cap for tenancy deposits. If your annual rent is less than £50,000, the maximum you have to pay is five weeks’ rent. If the annual rent is £50,000 or more, up to six weeks’ rent can be required.
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GOV.UK. (2019). Tenant Fees Act. [online] Available at: https://www.gov.uk/government/collections/tenant-fees-act [Accessed 2 Aug. 2019].
Legal Cheek. (2019). Tenant Fees Act 2019: Goodbye to unfair letting charges? - Legal Cheek. [online] Available at: https://www.legalcheek.com/lc-journal-posts/tenant-fees-act-2019-say-goodbye-to-unfair-letting-charges/ [Accessed 2 Aug. 2019].
MoneySavingExpert.com. (2019). Letting fees to be banned from June. [online] Available at: https://www.moneysavingexpert.com/news/2019/01/letting-fees-to-be-banned-from-june/ [Accessed 2 Aug. 2019].