The Homes Estate Agents’ Lettings & Property Management team is currently conducting a series of 121 briefings with its Landlord clients about the implications of impending changes to lettings legislation.
A new law banning letting agents from charging up-front fees to private-sector tenants in England is about to come into force. The Tenant Fees Bill, which will be effective from June 2019, was first announced by the Chancellor in 2016. Essentially, it is intended to eliminate some of the costs which tenants can face prior to a tenancy commencing. This includes a cap on security deposits, as well as a ban on administrative fees and charges for services like credit checking.
Mike Turner, Homes’ Head of Lettings & Property Management, himself a full member of ARLA (the UK’s leading regulatory body for the Lettings industry) says “These new reforms are creating a lot of confusion and there are some huge variances in how well-informed some Lettings agents and Landlords are about them.”
From 1st June, Landlords will be immediately exposed to new legislation, enforceable by Trading Standards or the local County Council and are facing some potentially significant financial impact.
Mike continues “My team have been taking the necessary measures to inform and guide our existing Landlord clients on the challenges these changes present. We’ve also been advising quite a few Landlords who are using other agents, or managing their property portfolios themselves. Either way, we’re very happy to provide all the advice any Landlord might need on this important subject, on a FOC, no-obligation basis.”
Included in the information which Mike and the Homes team will be pleased to provide are:
- What fees will be banned?
- What is exempted from the banned list?
- What are the new rules on deposits?
- Will there be any restrictions on rents chargeable?
- What are the implications for breaches of tenancy agreements?
- What financial penalties do Landlords face for breaching the fees ban?