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Admin fees set to change in the lettings market

28/05/19Admin fees set to change in the lettings market

From 1st June, the lettings market is set to change. A law is coming into place which bans letting agents and landlords from charging tenants admin fees. Many lettings agents and landlords have been taking advantage of the current legislation by charging tenants unfair and excessive admin fees.

What can landlords and agents charge tenants for now?

From June onwards, the only costs landlords and agents will be able to charge tenants for will be:

How might agents and landlords change their services?

There is much speculation as to how agents and landlords may re-balance the books once the new legislation takes effect, one method may be to increase the rental fee.

Interestingly, a number of large firms are reconsidering whether they will be prepared to offer any landlords a let-only service in future on the basis that without the tenant fee, the service will no longer be profitable. This will be a massive change for the letting industry to get to grips with.

Whether you are a landlord or a tenant, contact our team for the latest advice on the lettings market.

Andy Lowe, Assistant Surveyor

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