From 1st June 2019 when a Tenant enters into a tenancy agreement, student let or license to occupy housing in the private sector, a Landlord or agent cannot charge you any fees or payments other than as listed below under Permitted Payments, therefore from 1st June 2019 it will cost less to move home and there will be no charges when the tenancy comes up for renewal.
- Tenancy deposit - capped at no more than five weeks rent if your annual rent is less than £50,000 or six weeks if your annual rent is above £50,000.
- Holding deposit - capped at no more than one weeks rent.
- Payments to change the tenancy agreement (requested by the Tenant, including change of sharer) - capped at £50.00.
- A default charge for late payment of rent and replacement of lost keys/security device/fob.
- A charge for early termination of the tenancy initiated by the tenant.
Payments that are not permitted
From 1st June 2019, agents and Landlords will not be able to charge Tenants for setting up a tenancy , for a renewal of a tenancy or for checking out under the Act.
However, if the tenancy was entered into before 1st June 2019, and it was agreed in that contract to pay certain renewal fees, then a landlord or agent can charge these fees for a renewed fixed term agreement or statutory periodic agreement up until 31st May 2020. For tenancies entered into before 1st June 2019, the Landlord/agent can also charge for checking out, up until 31st May 2020.
Tenants should be mindful of increasing rents and be aware whatever your tenancy agreement, rents can only be increased once a year at the most.
ENDING YOUR TENANCY:
Unpaid Rent / Returned Payments will be subject to interest at 4% above Bank of England Base Rate from date due.