Reeds Rains manages my property - 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. More specific details are set out below. 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 the intention of Reeds Rains.
More good news is that this is the perfect time to review where savings can be made across the board, and as a Reeds Rains 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 Reeds Rains branch.
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.
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.