Tenant Fees Act
As of June 1st 2019 the new ban on tenant fees comes into force. The Tenant Fees Act aims to restrict Letting Agents and Landlords from imposing excessive costs to tenants.
This applies to all tenancy agreements dated 1st June 2019 on-wards. All existing tenancy agreements will be brought under the new laws as of June 1st 2020 Landlords / Letting Agents will not be able to charge for the following expenses under the new Tenant Fees Ban: –
Late payments can only be charged if in excess of 14 days, and then at only 3% more than the APR for each day the payment is late.
There are many sites where the legislation is explained in detail to assist tenants in receiving the correct guidance under the new Tenant Fees Ban. The overall goal is to reduce the fees imposed on tenants from the outset and throughout the tenancy. All Tenant fees must be clearly explained at the start of the tenancy, to each and every member on the tenancy agreement.
Landlord Guidance For Tenant Fees 2019
There are clear guide lines on what fees can be charged to the tenant by the Letting Agent / Landlord in association with The Tenant Fees Ban and new tenancy agreements 1st June onwards are: –
Any Landlord or Letting Agent that ignores the legislation imposed by the Tenant Fees Act will face penalties of up to £5,000. This will be increased to penalties of up to £30,000 for repeat offences and you may be liable to criminal charges. Take note and protect yourself by following the simple rules as stated above.