Thu 11 Apr 2019
the Tenancy Fee Bill is coming into law from June 1st 2019. This will ban most fees charged to tenants by Landlords and Letting Agents.
This ban will apply to all tenancies from 1st June 2020. There is however a 1-year transitional period for all tenancies that have started pre-ban and end during 1/06/19 - 1/06/20.
Security deposits will also be capped at 5 weeks which is a major issue for Landlords where Tenants do not pay their last month's rent or for the rising number of Tenants with pets.
It is for this reason that we have been working with our partners Reposit, offering a zero deposit scheme to Tenants & Landlords, which is an insurance based alternative to cash deposits providing cover for 8 weeks rent. Underwritten by Canopius, a Lloyd’s of London insurer, and regulated by the FCA, Reposit is the most reputable product on the market.
If you aren’t already, we highly recommend you offering this as an option alongside the traditional deposit schemes to alleviate some of the issues the Tenant Fee Bill will incur.
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