Letting Agent Fee Ban
As many UCL students know, renting privately in London is expensive – and the fees letting agents can charge for anything from referencing to inventory checks (estimated on average to cost £400) make it even more so.
However, some good news for renters is on the horizon.
From 1st June 2019, landlords and letting agents in England are banned from charging tenants letting fees in a new Tenant Fees Act.
This means that administrative fees for things such as tenancy renewal, referencing and credit checks will no longer be allowed for tenancies signed after this date.
From 1st June 2019 the only costs you can be charged are:
- Utilities and council tax (if included in the tenancy)
- A refundable deposit capped at 6 weeks rent
- A refundable holding deposit caped at 1 weeks rent
- Changes to tenancy requested by tenant capped at £50
- Early termination of tenancy requested by tenant
- Defaults by the tenant – such as fines for late rent payment or lost keys
So, if you are signing (or renewing) a tenancy agreement on or after 1st June 2019, make sure you pay no more than you legally should.