29 Nov 2023 Company Update
The benefits of Property Management for rental Landlords…
The long-awaited Tenant Fees Act was introduced across England on 1st June 2019. This government has released a guidance note for those in the industry.
From June 1st, it has become illegal to charge a tenant a fee relating to their tenancy unless it is one of the seven areas listed here.
Deposits are now capped at a maximum of 5 weeks’ rent for properties let with an annual rental of up to £50,000, or 6 weeks’ rent for those at or above £50,000.
Holding deposits are capped at one week’s rent and payments to amend the tenancy agreement to £50.
The latest survey of English Housing indicates over half a million more households now privately rent compared to five years ago (MHCLG). Read the full guidance: https://www.gov.uk/government/publications/tenant-fees-act-2019-guidance
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