Tenant Fee Ban Important Info For Tenants

Black Cat Residential are members of the Property Redress Scheme, Membership No: PRS002380

Members of ARLA Member No: M0189981

Subscribe to Propertymark Client Money Protection Scheme Member No: C0125430

Permitted payments

For properties in England, the Tenant Fees Act 2019 means that in addition to rent, lettings agents can only charge tenants (or anyone acting on the tenant’s behalf) the following permitted payments:

  • Holding deposits (a maximum of 1 week’s rent);
  • Deposits (a maximum deposit of 5 weeks’ rent for annual rent below £50,000, or 6 weeks’ rent for annual rental of £50,000 and above);
  • Payments to change a tenancy agreement eg. change of sharer (capped at £50 or, if higher, any reasonable costs);
  • Payments associated with early termination of a tenancy (capped at the landlord’s loss or the agent’s reasonably incurred costs);
  • Utilities, communication services (eg. telephone, broadband), TV licence and council tax;
  • Interest payments for the late payment of rent (up to 3% above Bank of England’s annual percentage rate);
  • Reasonable costs for replacement of lost keys or other security devices;
  • Contractual damages in the event of the tenant’s default of a tenancy agreement; and
  • Any other permitted payments under the Tenant Fees Act 2019

Tenants – Did you know?

In an area like Wisbech where demand for good quality rental properties is outstripping supply, Tenants need to act fast when they see a property they want.

However, we must warn Tenants regarding Application Charges which vary greatly in the Town depending on which Agent you use.

Black Cat is totally transparent about our Tenant Fees – £225 will the be total paid in fees for up to 2 people, every additional Tenant is charged £50 pp thereafter.  There are no additional check in/ check out fees and Full Colour Inventory’s are supplied at no additional charge to the Tenant.

So whilst we appreciate Tenants often apply for properties in hast so as not lose the property, we also advise they read the small print as most Agents are unable to refund the Application Charges once the process has started, as they incur costs themselves.  Likewise we know of Tenants who have tried to rent privately to avoid Agency fees and have regretted the lack of recourse this gives later during the Tenancy.

Black Cat is an Independent ARLA Licensed Agency with Client Money Protection which assures all Tenants of the highest standards whilst offering extremely competitive Agency charges.arla-licensed-150prs

 

Who gets your vote?

With the General Election looming there have been discussions in the media regarding rent controls, caps and general tighter controls over the Private Rental Sector.  The Election is too close to call, so there are a number of outcomes which could affect the PRS and Landlords, both professional and reluctant.

Other Countries have seen rent controls lead to a higher level of homelessness and as we here in Fenland are experiencing a Housing shortage – especially in affordable housing – so this could be a National issue which will impact on us here in Wisbech.

There are also plans to change Stamp Duty again – so the next few months could be interesting for the Housing market!  Watch this space….   There are a number of interesting articles circulating some of which we have linked for you below:

http://www.landlordzone.co.uk/news/politicians-at-odds-over-renting-regulation

https://landlordnews.co.uk/the-abolishment-of-letting-agent-fees-could-be-a-month-away/

http://www.bbc.co.uk/news/election-2015-32476194