The Tenant Fees Act 2019 cames into force on 1 June which will ban all fees charged to Tenants and will cap security and holding deposits, amongst other changes. The aim of the Act is to make renting more affordable and transparent for tenants, which will affect what can and cannot be charged.
For tenancies where the annual rent is less that £50,000 per annum, the Security Deposit will be capped at 5 weeks rent, 6 weeks rent for where the annual rent is £50,000 or more.
The Holding Deposit for a tenant to reserve a property will not exceed 1 weeks rent and a 'deadline for Agreement' will be set at 15 calendar days.
The cost of Referencing will now be passed on to the landlord.
Rent that is in arrears by more than 14 days will be charged at 3% above the Bank of England Base Rate.
Permitted charges include lost keys or other security devices; variation of contract; change of sharer; early termination.
For the full government guidance, click on the link below.