Lettings and Property Management for Tenants in Midsomer Norton
The Tenant Fee Act 2019
From 1st June 2019 letting agents in England will only be able to make permitted payments to tenants.
Permitted payments as defined under the legislation only include the following:
1. The rent.
2. Refundable tenancy deposit – capped at no more than five week’s rent where the annual rent is less than £50,000 or 6 weeks’ where the total rent is £50,000 or above.
3. Refundable holding deposit – capped at no more than one week’s rent.
4. Payments to change the tenancy – where requested by the tenant capped at £50 (or reasonable costs if higher).
5. Payments associated with early termination of the tenancy – where requested by the tenant. This must not exceed the financial loss that a landlord may suffer, or reasonable costs that have been incurred by the landlord’s agent resulting from an agreement for the tenant to leave early.
Payments for utilities, communication services, TV licence and Council Tax.
Default fee for late payment of rent and replacement of lost key/security devices, where required, under a tenancy agreement – default fees can only apply when this has been written into the tenancy agreement and covers late payment of rent, a lost key or security device. The amount of default fee is limited to 3% over the Bank of England base rate for each date that the payment is outstanding and applies to rent which is more than 14 days overdue.
Any other fee or charge to a tenant would be classed as a prohibited payment.
When you decide to apply to rent a property we will need to take a holding deposit of one week’s rent from you to secure the property. Please Note: This will be withheld if any relevant person (including any guarantor(s)) withdraw from the tenancy, fail a Right-to-Rent check, provide materially significant false or misleading information, or fail to sign their tenancy agreement (and / or Deed of Guarantee) within 15 calendar days (or other Deadline for Agreement as mutually agreed in writing).
We require 5 weeks’ rent as deposit against any damage or dilapidations. (Tenants are responsible for payment of council tax, water rates, TV licence, phone charges, gas and electricity bills etc as well as the agreed rent). The deposit will be refunded at the end of the tenancy, subject to any liabilities incurred during the tenancy.
Client Money Protection
As of 1st April 2019 it is a legal requirement to be part of a government approved Client Money Protection (CMP) scheme if client money is handled in any way. As a result, we are members of Money Shield which is a Client Money Protection Scheme and this is displayed on our website and in our offices.
Redress Scheme available from “The Property Ombudsman” We have a Complaints Handling Procedure, which is available upon request.