The Tenant Fees Act 2019 which is due to come into force (in England only) is going to be a terrific change.
Many letting agents will lose up to 20% of their income or more and may be unable to remain in business.
Once the act is in force, from 1 June 2019, then all landlords or agents who charge a ‘prohibited’ payment will suffer penalties and could be fined large sums.
So it is really important that landlords and agents are fully aware of what the changes are and what they need to do to comply with them.
It is also a massive task for me and the rest of the Landlord Law Team as we need to get the site compliant before the 1 June. Which at the time of writing is about six weeks away.
Future work will include amending the articles, FAQ and our tenancy agreements to ensure members are compliant.
I would suggest that members keep referring to the special information page as I will keep that updated as and when we do new content. There is a lot to do as we probably need to check all the site content for compliance with the new regime.
Logged in members will find the Tenant Fees Act Special Information Page here.
The page is also linked from the main Special Information Index Page which you will find on the topics drop down menu on the header.