You are here: Home - Mortgages - Buy To Let - News -

Farewell to tenant fees as ban comes into force

0
Written by: Liz Bury
03/06/2019
Landlords and letting agents have been banned from charging tenant fees after the Tenant Fees Act came into effect on 1 June.

The new law bans most letting agents’ fees, including those for credit and reference checking, and caps tenancy deposits. The ban applies to new or renewed tenancy agreements signed on or after 1 June.

Landlords and lettings agents are now permitted to charge tenants only for: 

  • rent;
  • a refundable deposit capped at five weeks for rent up to £50,000 a year or six weeks for rent above that;
  • a refundable holding deposit of no more than one week’s rent;
  • payments associated with early termination of the tenancy;
  • payments related to utilities, communication services, TV licence or council tax; and
  • fees for late payments or replacing of lost keys.

The proposal for the ban was first introduced by chancellor Philip Hammond in the Autumn Statement 2016. The former minister of state for housing and planning, Alok Sharma, later claimed that the act would result in higher rents.

Related Posts

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week