Your Move manages my rental property/ies - how does the Tenant Fees Act 2019 impact me?
As of the 1 June 2019 a ban charging fees to Tenants is expected to have a significant impact on the industry including Landlords. The only fees that can be charged to Tenants will now be classed as 'permitted payments', and these are restricted to deposits, certain changes to the tenancy agreement (at the Tenant's request), late payments and lost keys. That does mean that other services such as tenancy set-up, renewal and check-out, that were typically service charges shared between the Landlord and the Tenant, will now have to be picked up elsewhere. This doesn't automatically mean Landlords will be charged these fees, and this is not Your Move's intention.
Your Move is a major player in the Scottish lettings market where tenant fees were banned in 2012 and our learnings from that time, is that our Landlords actually benefited as rents increased in line with market conditions.
More good news is that this is the perfect time to review where savings can be made across the board, and as a Your Move Landlord we will be contacting you shortly for a review of your lettings expenses, mortgage and/or insurance. Or, if you would like to book this now you can contact your local Your Move branch here.
And finally, the bigger impact on Landlord fees is likely to be on Tenant Find only arrangements, where Landlords are running the on-going tenancy themselves.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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