Date Published 03 June 2019
The Tenant Fees Act came into force on 1 June 2019.
Both Agents and Landlords have been banned from charging Tenant's fees except for 'permitted payments' which include the following :
• Tenancy Deposits maximum is set at five weeks' rent (annual rent under £50'000)
• Tenancy Deposits maximum is set at six weeks rent (annual rent over £50'000)
• Holding Deposits are capped at one week's rent
• Changes to the tenancy requested by the Tenant are capped at £50 unless the Landlord can demonstrate greater costs were incurred.
• Early termination of a tenancy when requested by the Tenant.
• Utilities, communication services and Council Tax.
• Changing of locks or lost keys/security device
• Late payment of rent (charge not to exceed 3% above the bank of England base rate).
A breach of the fees ban is a civil offence with a financial penalty of up to £5,000.