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Have Your Landlord Fees Increased?

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Mon 15 Jul 2019

Have Your Landlord Fees Increased?

As of 1st June 2019, the Tenant Fees Act 2019 came into force limiting the fees landlords and letting agents can charge to tenants.

As a result many Estate Agents have increased their monthly fees, often a percentage of the monthly rents, to Landlords. 

At Home Estate Agents Warrington, our approach is rather different.  As the new law only affects new rather than existing tenancies, we haven’t increased our monthly charges but now charge one off ‘Arrangement and Check-In Fees’ of £99.00 (incl. VAT) each. 

For this fee we:

·         Reference and vet tenants

·         Provide a Tenancy Agreement on your behalf;

·         Collect the deposit;

·         Provide rent guarantee insurance for initial six months.

We are Warrington Council Accredited and in accordance with the legislation publish all our fees on our website – see https://www.home-estateagents.co.uk/pages/landlord-tariff-of-charges

So if you want to avoid increased Landlord Fees why not Contact Us, the local Warrington experts?

Call us on 01925 405 400 or email info@home-estateagents.co.uk

 

Background

In the past tenants could be charged admin fees – such as tenancy renewal fees, referencing fees and credit check fees – by landlords and letting agents. According to Citizens Advice the average amount paid was £400.

But landlords and their agents will no longer be able to charge the fees for tenancies signed on or after 1 June.

Any costs will now need to be met by the landlord – and some have warned landlords may up their rents to recover these costs as a result.

From 1 June the only costs landlords and agents will be able to charge tenants for will be:

Rent.

Utilities and council tax if included within the tenancy.

A refundable deposit capped at six weeks' rent. The cap could be five weeks' rent for properties where the annual rent is less than £50,000, under an amendment put forward in the House of Lords.

A refundable holding deposit to reserve the property, capped at one week's rent.

Changes to the tenancy requested by the tenant, capped at £50 (or "reasonable costs").

Early termination of the tenancy requested by the tenant.

Defaults by the tenant, such as fines for late rent payments or lost keys. These must be "reasonable costs", with evidence given in writing by the landlord or agent.

Any other fees will be banned, and landlords or agents found charging the fees could be fined £5,000 for a first offence. If they break the rules again within five years, they could be given an unlimited fine.

For more information about estate agents Warrington like Home Estate Agents, get in touch with us today.

We are still open if you have any questions please visit our contact page

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