As of 1st June 2019 Landlords and Lettings agents are no longer allowed by law to charge any fees whatsoever to tenants for the administration or set up of a tenancy. Therefore historic charges such as referencing and administration fees, contributions towards the cost of preparing a tenancy agreement, contribution towards the cost of preparing the inventories etc are now all banned under the new legislation such fees have previously been levied against the tenant.
In compliance with this legislation we will no longer be charging tenants referencing or administration fees, the cost of these will now be borne by the landlord. We are however allowed to charge a reservation fee of no more than 1 week’s rent. On this basis we will reserve the right to take a refundable holding fee of no more than 1 week’s rent from a prospective tenant who wishes to rent a property if the tenancy application is successful this reservation fee can be deducted from the 1st month’s rent or deposit.
If a tenancy application fails as a result of a tenant providing inaccurate information to either ourselves or the referencing agency, then under the new Tenant Fee Ban we are allowed to keep such a reservation fee to cover abortive administrative costs. We therefore recommend any prospective tenants’ discusses their application for a property in detail in order we can ascertain whether there maybe issues that could impede on application for a property.
Under no circumstances we will any longer accept cash payments, in part because of the increasing costs being levied upon us by our bank to pay cash into the client account. We recommend prospective tenants make all payments to us via BACS transfer directly into our Natwest bank account No: 26966441 Sort Code: 50-00-00. Should a tenant be adamant that they wish to pay a deposit or holding fee by cash we will charge £1 administration fee for every £100 or part thereof to cover our bank charges
CLIENT MONEY PROTECTION
As is required under the Consumer Rights Act 2015, we are required to advise Woolliams Property Services is registered for Client Money Protection with Client Money Protect, registration number CMP003328.