Tenants Fees Bill will likely soon become law
In early September 2018, the Tenants Fees Bill was passed through its third reading at the House of Commons and all that remains is for it to now be debated in the House of Lords.
If the law is passed then all existing and legacy contracts will become subject to the new law’s provisions within 12 months of the date it is passed.
The proposed Tenants Fees Bill will affect: –
- The amount Letting Agents can charge for arranging new tenancy agreements or renewing tenancy agreements.
- Abolishment of excessive fees charged by the landlord for minor damages; landlords will need to provide evidence of costs before charging the tenant.
- Cap security deposits at the equivalent of six weeks’ rent.
- Abolish most upfront fees for the tenant.
The proposed Tenants Fee Bill intends to make renting fairer and easier for tenants by allowing them to see upfront what a given property will cost them in the advertised rent level without any additional costs.