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Copy Of Hayes Blog 9

Everything you need to know about the tenant fee ban (and why it’s good news)

The tenant fee ban comes into force on 1 June. From this date, it will be illegal for landlords to charge letting fees and deposits will be capped at six weeks’ rent.

This new legislation is long overdue and is designed to protect renters from landlords and their agents charging excessive and unreasonable fees, which in the past have included viewing fees, fees to set up the tenancy, refereeing fees, inventory fees, administration fees and check-out fees.

After 1 June, the only payments you can be asked for are:

  • Rent
  • Security deposit (capped at 5 weeks' rent)
  • Holding deposit to take property off the market (capped at 1 week's rent)
  • Early termination payment (i.e. if you decide to leave before the fixed term of your tenancy has ended)
  • Change of sharer fee (the agent needs to prove their costs if they charge more than £50)
  • Charge for lost keys or security device (e.g. electronic fob)
  • Charge for interest on rent payments that are late by 14 or more days 

This only applies to England and the situation is slightly different in other parts of the UK.

 What does this mean for Fizzy residents?

 The new law doesn’t affect our residents (or potential residents) because we have never charged fees.

 As we don’t use estate agents and you deal direct with our in-house team, there are no additional agency fees or renewal fees when you rent with Fizzy. And we have always been transparent and completely upfront about costs.

 To reserve an apartment with us, a holding deposit (listed below) is taken but this is credited back to you when you move in:  

 • £150 for a one bedroom flat

• £250 for a two bedroom flat

• £300 for a three bedroom flat

 The deposit is calculated as 5 weeks' worth of the package rent and is held in the government’s Deposit Protection Service (“DPS”). The deposit covers all damages to the flat and/or furnishings that may occur during the tenancy.

Any changes to the tenancy will be charged at £50 per change. This includes adding a tenant, changing a tenant, removing a tenant and adding a pet to the tenancy.

In other words, simple and straightforward.

Reputable professional landlords such as Fizzy welcome the tenant fee ban and we’re pleased to see that the law will make others in the sector fall into line with what we’ve been doing for years.

However we’re also aware of reports that some agents have been trying to get around the new rules, which only goes to show that you still need to think carefully about who you rent from.

 

May 31, 2019 Tags:
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