Tenant Fee Ban & deposit update

As of June 2019 the government introduced a blanket fee ban, all fees from estate agent/landlord including third parties such as referencing and inventory suppliers can no longer pass on their charges to the tenant.

The only fees that will remain lawful will be for breaches of the tenancy agreement, known as “default fees”.

  • Late payment of rent (which is more than 14 days overdue) – 3% over the Bank of England Base Rate calculated from the date the payment was due up until the date payment is received.
  • Early termination of tenancy (when approved by landlord) – Capped at the Landlord’s loss or Agent’s reasonable incurred costs (you will pay the Landlord re-letting fees & along with paying rent up until the day before a new tenant moves into the property.)
  • Tenancy Agreement Changes – (i.e. change of tenant, permission to keep pets, change of payment date) £50.00 per change
  • Loss of keys/security device – Cost of replacement keys/device

Further to this the Government also capped the amount of deposit that can be taken from a tenant to the equivalent of five weeks rent.

Company Let

  • £416.67 + VAT = £500 INC VAT