Tenant Fees Act 2019
As we are sure you are aware the Tenant fees Act came into force on the first of June 2019. Here at Coapt we have made all the necessary changes internally for all new tenancies and just want to reassure our landlords that our fees to you will not be changing for the foreseeable future.
The only payments you can charge in connection with a tenancy are:
- The rent
- A refundable tenancy deposit capped at no more than five weeks’ rent where the annual rent is less than £50,000, or six weeks’ rent where the total annual rent is £50,000 or above
- A refundable holding deposit (to reserve a property) capped at no more than one week’s rent
- Payments to change the tenancy when requested by the tenant, capped at £50, or reasonable costs incurred if higher
- Payments associated with early termination of the tenancy, when requested by the tenant
- Payments in respect of utilities, communication services, TV licence and council tax
- A default fee for late payment of rent and replacement of a lost key/security device, where required under a tenancy agreement
Anything outside of this list is a prohibited payment and is outlawed under the ban. If you are unsure of what you can and can’t charge or any of the rules around the Tenant Fees Act please don’t hesitate to ask, we have spent a lot of time researching the ins and outs and are more than happy to share our knowledge!
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