MenuSearch

Your Move manages my rental property/ies - how does the Tenant Fees Act 2019 impact me?

May 20, 2019Categories: LandlordsTags: legislation, Legal responsibilities
Family cuddled up on the sofa with a laptop

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.
 

Don't wait until 1 June 2019, book a lettings review today >

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Embrace Financial Services usually charges a fee for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity.

Did you like this article? Let us know

Add a comment

Tenant fees act 2019 Jennifer Clark @ 2019-05-25 02:15

Good to know especially as I live in Australia Thanks

Mr E. Farley @ 2019-05-28 11:14

Helpful

Wesley Wesley Jones @ 2019-06-11 19:49

How do you think the Agents will recoup the loss of the income which came from these charges? If no credit checks are made how are we landlords going to make the decision that a tenant can afford the rent we charge for the flat/house?

Tenant Fees Act 2019 Your Move @ 2019-06-18 10:14

We believe agents across the industry have been preparing for the ban for some time.

With regards to credit checks, these would usually be conducted by the letting agent that the landlord has chosen. The cost to the landlord being dependant on the agent and the service level chosen. Your Move believes that credit checks should be undertaken as part of a landlord deciding on whether to let to a tenant.

You may like to look at the service options available from Your Move on our website or your local Your Move branch will be more than happy to explain the service levels to you.