Landlords - protecting against the tenants fee ban

Robert Brown • June 28, 2019

If you’re a landlord, then you’ll no doubt be aware of the recently introduced Tenants Fee Act, which came into force on Saturday June 1st. The ban has come as a blow to estate agents and homeowners renting their properties alike, as all new tenants cannot be charged for a host of administration fees. Agents are projected to lose £157m as a result of the changes, with the cost for landlords close to the £83m mark.


What can’t be charged for anymore?

The following can no longer be charged for, via either landlords or estate agents:

  • Charging for a guarantor form
  • Credit checks
  • Inventories
  • Cleaning services
  • Referencing
  • Professional cleaning
  • Having the property deflead as a condition of allowing pets in the property
  • Admin charges
  • Requirements to have specific insurance providers
  • Gardening services

What can still be charged for?

Landlords have the right to charge for late rental fees for payments more than three weeks overdue, with an additional 3% added as well as the Bank of England base rate at the time. Lost keys can also be charged for, but only for a cost of up to £5 and a receipt must be provided.


What are the consequences for falling foul of the regulations?

A breach of the guidelines above could lead to fine of up to £5,000, with further breaches being treated as a criminal offence. This could lead to a banning order and an unlimited fine.


Landlord insurance can help

There is plenty at stake for landlords in this new era of property letting, and it’s vital that anyone renting a home is aware of these changes to save themselves a potentially crippling fine. Landlord Insurance can offer vital protection in the event of a breach of these new guidelines, whilst also offering you cover in the event of:

  • Liability cover – assistance with legal costs in the event of a claim
  • Damages awarded to claimants as a result of injury sustained at your property
  • Contents insurance
  • Loss of rent cover
  • Home emergency cover, such as burst pipes or broken boilers

Speak to us today about landlord insurance and make sure that you’re running your properties with cover and confidence.

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