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www.andrewnunnassociates.co.uk Ban on Tenants Fees With a ban on tenant fees on the horizon (expected in Spring) we feel obliged in our capacity as letting agents to keep our clients informed as to what the possible outcome is likely to be and how this may affect you. The Bill could still be amended and so we are currently unable to provide a defi nitive list of charges that will be banned and charges that may not. However, below is the list of charges we’ve been led to believe may be banned once the Bill becomes law. This list is not exhaustive and is subject to change: • Inventories, check ins and check outs • Credit checks and referencing • Charges for Right to Rent immigration checks • Charges for permission to keep a pet • General administrative fees including drawing up the tenancy agreement • Charging for a guarantor • Charges for service of notices • Charges for renewing a tenancy • Charges for a change of tenant • Charges for early termination under a break clause • Charges for a professional clean This means the fees that are exempt from the ban (although still likely to be subject to restrictions) are: • Rent • Deposits • Holding Deposits • Utility payments • Payment for tenant default associated with lost keys or late rent • Payment for damages from the deposit. Further, the Bill will confi rm that deposits will be restricted to 5 weeks rent where the annual rent of the tenancy is £50,000 or below. Where the annual rent is above £50,000 the deposit can be 6 weeks rent. Katherine McDowall comments that this represents a complete shift of responsibility from the tenant to the landlord if the landlord wants to protect and invest in the quality of their tenants and property. “Landlords will want to carry out exactly the same referencing, immigration checks, inventories, professional cleans, to name just some however when the ban comes in, they will all have to be paid for by the landlord rather than the tenant. It will now become the landlord’s prerogative if they wish to invest in these things to ensure that they and their property are protected.” As agents we will advise all our clients to make the investment however if a client is leverage up with mortgage finance it will make the first couple of months financially difficult. As soon as the full details are announced we will be able to provide further information. At this stage, we’d just like you to bear in mind these changes. Lettings Review of 2018 Katherine McDowall, letting manager for Andrew Nunn & As sociates mentions “We were delighted with a strong finish to 2018 with Righmove confirming Andrew Nunn & As sociates as Chiswick’s leading letting agent for new lets agreed in the l ast two months of the y ear which caps off another successful period for our lettings and management business” Solid professional advice supported by proactive marketing and quality communication has enabled us to become one of the l eading independent letting agents in the Chis wick area over the last few years and we are looking forward to embracing the challenges ahead in 2019. The tenant fee ban is lik ely to have the greatest impact on the rental market during that period and it wil l be very interesting to see how agents and landlords deal with that change in legislation. If you are considering renting out your property then why not speak to Katherine at Andrew Nunn Associates on 020 8995 1600 or e mail l ettings@ andrewnunnassociates.co.uk Please take a look at http://smaaa.org.uk/advent


8_11_January_2019online
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