I manage my own property - how does the Tenant Fees Act 2019 impact me?
You can only ask a Tenant to pay the "permitted payments" (not fees) as outlined in our permitted payments article. Private Landlords from the 1 June 2019 will be responsible for all the costs associated with setting up, renewing or ending a tenancy (i.e. referencing individuals, administration, inventory, renewal and check out fees). Any breach of the legislation will usually carry a civil offence and a fine of up to £5,000 but where an offence has occurred a local authority can impose a fine of up to £30,000.
Now is the time to really consider what these changes are likely to cost you if you are managing your own property/ies. Why not book a lettings review at your local Reeds Rains branch and we can run though exactly what this is likely to cost and at the same time look at where we can help make you savings by reviewing your mortgage and insurance arrangements. It may even be the case that switching to a Fully Managed service is more cost effective/risk free option.
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.