It’s less than 4 Weeks until the Tenant Fees Act comes into Force

It is now less than four weeks until the Government’s Tenant Fees Actcomes into force across England.

From 1^stJune 2019, landlords and letting agents will be banned from charging upfront fees to private tenants, except for charges relating to replacement keys (or a respective security device) and late rent payments.

Under the Tenant Fees Act, holding deposits will be capped at one week’s rent, while security deposits will also be capped, at five weeks’ rent. 

ARLA Propertymark (the Association of Residential Letting Agents) has warned agents to “act now”, as the implementation of the ban is less than four weeks away.

David Cox, the Chief Executive of the organisation, gives his advice: “[Saturday 4^thMay] marks the four-week countdown to when the Tenant Fees Act comes into effect, and the industry must face the realisation of preparing doe a post-tenant fees world.

“With no time to waste, agents need to ensure they’re compliant with the law and understand how the ban will impact their business. To help members overcome the legal challenges of the Act and comply with the ban, we launched the Tenant Fees Toolkit last month, providing practical tools and materials to support our members through every step of the transition and beyond.”

ARLA Propertymark recently added frequently asked questions to the toolkit, to better answer any queries letting agents and their landlords may have about the ban.

“We also have a series of upcoming road shows, which will update on the legislation and provide key insights on how businesses can thrive post the ban,” Cox adds. “We urge members to attend, as we rapidly head towards 1^stJune.”

He gives a final piece of advice: “Agents can help reduce the impact on their business by being prepared, and, with the date fast approaching, they must act now.”

Whether you’re a landlord or a letting agent, you must assess how the tenant fee ban will affect your business.