With the Tenant Fees Act coming into effect tomorrow agents and landlords need to ensure they are prepared to avoid a large fine, David Cox, chief executive, ARLA Propertymark has warned.
The Act bans letting fees paid by tenants. Landlords can charge a refundable tenancy deposit capped at no more than five weeks’ rent where the annual rent is less than £50,000, or six weeks’ rent where the total annual rent is £50,000 or more.
Cox said: “The Tenant Fees Act comes into force tomorrow, and agents should already have implemented the correct changes within their business in order to be compliant with the law.
“Members should refer to our Tenant Fees Toolkit for relevant advice, information, and legal documents that have been produced with the ban in mind.
“Although the Tenant Fees Act has been front of mind for a while, it’s important members stay up to date with other laws and local licences that are being introduced, as a breach of the ban can result in a large fine, so it’s vital agents get this right.”