Tenants one step closer to letting agent fees ban

Tenants one step closer to letting agent fees ban

It will also cap security deposits at one month's rent and a week's rent for holding deposits.

The action comes after the government found evidence that the level of fees charged by agents is often not clearly or consistently explained, leaving many tenants in the dark about the true costs of renting a property.

Client money protection schemes give landlords and tenants confidence that their money is safe when it is being handled by an agent.

Letting agents could face prosecution or a fine of up to £30,000 if they breach a proposed ban on letting fees.

Details of the long-awaited ban on tenants' fees, first mooted a year ago, have now been released with the Government estimating they could save tenants an average of £327 when they take on a new rental agreement.

Almost a year after the government announced plans to ban letting agent fees paid by tenants there is still no date for it coming into effect.

A consultation has also been launched by the government today, on making membership of client money protection schemes mandatory for letting and managing agents that handle client money. This carries a maximum £30,000 penalty as an alternative to prosecution.

In its response to a consultation on the ban, the Residential Landlords Association (RLA) warned that "any ban on fees paid by tenants will be passed back to landlords", who are already struggling under a higher tax and regulatory burden.

Amend the Consumer Rights Act 2015 to specify that the letting agent transparency requirements should apply to property portals such as Rightmove and Zoopla.

Overall more than 4,700 responses to the consultation were received from a range of individuals and representative bodies from across the sector.

'This Government is determined to make sure the housing market works for everyone.

He said: "Our tenants fee bill will be first published in draft to ensure full scrutiny of our proposals by parliament and stakeholders before introducing the legislation formally". That disparity can lead to tenants paying hundreds of pounds in fees that are far from transparent, substantially raising the costs involved in renting, and causing nasty surprises for new tenants who think they've found a home that suits their needs and budget.

Since it was announced in the Autumn Statement previous year, the government held a consultation on the proposals to ban letting agent fees, which the RLA contributed to.

The ban would mean that tenants in England will no longer have to pay anything other than rent and a refundable deposit.



Related Posts

Cazorla nearly lost foot in injury nightmare
But setback after setback meant that Cazorla repeatedly went under the knife, resulting in the loss of eight centimetres from the tendon in his right ankle.

The Cerner Corp. (CERN) Position Boosted by Ngam Advisors LP
The company reported $0.61 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.62 by ($0.01). The stock of Cerner Corporation (NASDAQ:CERN) earned "Outperform" rating by RBC Capital Markets on Tuesday, September 29.

Vikas and Shilpa are at loggerheads again
Their shared history was addressed, and Vikas said, "I swear on my career, I swear on my family, that I didn't get her fired". During the storytelling, Akash Dadlani shouts at Vikas and calls him a negative person by supporting Shilpa.

Ivanka Trump: Harassment of women at work can't be tolerated
Trump addressed the issue in her speech. "This takes many forms including harassment which can never be tolerated". Ivanka is scheduled to attend the World Assembly for Women conference in Tokyo on November 3.

Mark Zuckerberg Promises Radical Ad Transparency as Facebook Profit Rockets
Daily active users were up 16% year over year to 1.37 billion and monthly active users were up 16% to 2.07 billion. Shares surged momentarily reaching an all time high after the closing bell on Wednesday, but fell shortly after.

National Hockey League star Alex Ovechkin backs Vladimir Putin's re-election
On Thursday, Peskov said that Putin did not know anything about Ovechkin's plan to create a social movement dubbed the Putin Team. Ovechkin has represented Russian Federation in worldwide play 30 times, winning three world championship gold medals.

Frank Lampard makes massive claim about Dele Alli
I always tried to make runs behind defenders . because the defenders were sometimes marking and don't see that angled run behind". Alli has served a three match Champions League ban and also was suspended for a middle finger gesture with England this season.

State to appeal against Oscar Pistorius's jail sentence
It argued Judge Thokozile Masipa should have used the prescribed minimum 15-year sentence for murder as a starting point. Pistorius, now 30, was originally found guilty of culpable homicide, but this was changed to murder on appeal.

President Trump : NYC Terror Attack Suspect 'Should Get Death Penalty'
Two weeks ago, a jury took four hours to convict a man in a September 2016 bombing in New York City that wounded 30 people. Deputy Commissioner John Miller said Thursday that Sayfullo Saipov is the only suspect, but that could change.

Jose Mourinho Settles Tax Fraud Case in Madrid, Says Matter Is 'Closed'
Mourinho, who is believed to have paid the disputed amount in full, said: "I was told that my tax situation was completely legal". When asked if it was a "distraction" for himself or his team ahead of the crunch clash at Stamford Bridge, Mourinho said: "No".

© 2015 ExpressNewsline. All Rights reserved.