Fees for Tenants
As of 1st June 2019 the Tenant Fee Ban has come into place meaning we do not charge tenants fees for new or renewed tenancies.
From 1 June 2019, the only payments that landlords or letting agents can charge to tenants in relation to new contracts are:
- rent - regular payments of rent, calculated in equal instalments over the duration of the tenancy.
Lower amounts of rent will be deemed to be the actual of rent payable and any surplus paid will be deemed a prohibited payment.
- a refundable tenancy deposit capped at no more than 5 weeks’ rent where the total annual rent is less than £50,000, or 6 weeks’ rent where the total annual rent is £50,000 or above.
- a refundable holding deposit (to reserve a property) capped at no more than 1 week’s rent, please note this will be non-refundable should the following apply:
- a) the prospective tenant fails reasonable credit reference checks
- b) the prospective tenant is disqualified as a consequence of their immigration status
- c) the prospective tenant unilaterally withdraws from entering into the tenancy agreement or otherwise reasonably fails to enter into the tenancy.
We will also retain the holding deposit if:
- a) we have evidence the prospective tenant has provided false or misleading information
- b) that false or misleading information is fundamental in deciding to grant the tenancy.
We will notify a prospective tenant within 7 days if we will be retaining the holding deposit, and the reasons for this.
- payments associated with early termination of the tenancy, when requested by the tenant of no more than a month's rent inclusive of VAT as a landlords re-letting costs.
- payments capped at £50 plus vat (or reasonably incurred costs, if higher) for the variation, assignment or novation of a tenancy
- payments in respect of utilities, communication services, TV licence and Council Tax The tenant is liable for payment of such services only if the tenancy agreement expressly identifies liability lies with the tenant.
- a default fee for late payment of rent if rent is over 14 days late a fee calculated at no more than 3% above the Bank of England's base rate per annum, is charged. Interest is calculated daily after 14 days based on annual rent divided by 365 and applied to the number of days less 14, rent is unpaid.
- a payment of a lost key/security device giving access to the housing, where required under a tenancy agreement, tenant is liable to pay for the cost of a locksmith call out, replacement of all keys and any duplicate keys required for landlord/agent.
Compensatory amounts for damage, etc. are still permissible subject to contractual terms expressly identifying where deductions can be applied. These deductions can originate from the tenancy deposit should there be sufficient sums or can otherwise be recovered through the usual civil remedies.
A fixed aggregated fee for damage within the property is not permitted.
Client money protection: SafeAgent www.safeagents.co.uk
Client Redress Scheme: The Property Ombudsman www.tpos.co.uk
Please ask a member of staff if you have any queries relating to our fees.