Update on Tenant Fee Ban… it is coming!
David Cox, ARLA Propertymark CEO, expressed the view at a Rightmove conference in Leeds on 12th December 2018 that the Tenant Fee Ban is definitely coming and is most likely to be introduced as law on 6th April 2019. The Bill has just about finished working its way through the Houses of Parliament and is making good progress.
The detail is still awaited but the most significant amendment is a reduction in the maximum deposit which can be demanded by a landlord will be 5 weeks of rent and this will include any pet deposit. At present Hazells collects 1.5 months’ rent as a deposit plus £200 for each pet which might be approved. The proposed change expose the landlord further but we have a strategy to mitigate this potential loss.
We will report further on this once progress is made in parliament.
Another change being introduced on 1st April 2019 is that it will be compulsory for all letting and managing agents to have in place Client’s Money Protection with a reputable provider. Hazells have had CMP in place for many years now so you can be assured your monies will be safe with us.
If you would like to discuss any of these matters further please call our office and ask for Chris or Jane, or email us at firstname.lastname@example.org