Come to look at our tenant fees?
Lucky for you, as of 1st June 2019, the Tenant Fee Ban came into action. Tenant letting fees are no longer applicable. For company lets, please see below.
What does this mean for you?
In short, there are no letting agent fees for tenants.
Yes, you heard it right!
There are no admin or agent fees for rental properties anymore!
Landlords and Letting agents cannot charge any letting agent fees for tenants, tenancy set up costs, referencing of tenants and referencing for future landlords, contract negotiations or inventories for ASTs signed on or after 1st June 2019. Please be aware that there is a transition period, for any ASTs signed before 1st June 2019
So, if you like a property, what’s the next step?
Before the tenant fee ban, if you showed interest in a property and confirmed you want to go ahead, you would have to pay tenant letting fees to take this property off the market. Now that letting agent fees are no longer applicable, we would require a holding deposit to take this property off the market. This holding deposit is work one weeks’ rent and can only be kept by the letting agent for a maximum of 15 days. These funds will then be deducted from your first month’s rent.
The holding deposit can be kept by the letting agent if;
- The tenant pulls out
- The tenant fails to take reasonable steps to enter the tenancy
- The applicant fails the right to rent in the UK
- The applicant lies on the application form
- The tenant causes unnecessary delays
You have now sent the holding deposit, so what’s next?
We start the referencing process. We use LegalforLandlords who will send you an online application form. Once passed we will then request your rent (minus the holding deposit) and a deposit which will be held by DPS or ZDS.
Then you’re good to go!
Want to know more about the tenant fee ban? Click here to be directed to our infographic with everything you, the tenant, need to know.
Does the tenant fee ban change anything for company lets?
For company lets, property manager fees for rentals still apply. We charge a standard application fee of £240 and a tenancy renewal fee of £120.