Tenant Fee Ban
It’s been a long time coming but finally the Tenant Fees Act 2019 hits us on 1st June. The Act is designed to protect tenants from having to shell out large sums of money at the beginning of a tenancy in administration fees and high security deposits. Here at Green Door we have spent a lot of time in making sure we understand the Tenant Fees Act 2019 so that we can advise our landlords and partner agents accordingly of the impact that this is going to have. The Act is much more complicated than just no longer being able to charge tenant fees! There are caps on security deposits depending on the annual rent amount, caps on holding money payments and limitations on how long these can be held for. Tenancy Agreements have been updated as have our landlord’s terms and conditions of business. We have also found alternative options to the capped security deposits to ensure our landlords and tenants have a variety of products to meet their needs. This includes Deposit Replacement Insurance, Property Damage Protection and Tenant Liability Insurance.