Can Agents charge upfront fees for tenants?
The short answer to that question is NO. Holding deposits for a maximum of one weeks rent are allowed. However, anything above that will now be deemed illegal.
New research shows the addition of the Tenant Fee Ban could save UK renters up to £192 million.
Over 70 per cent of letting agents are looking to increase their costs towards landlords in order to make up the downfall in revenue, a recent study carried out by ARLA Propertymark showed. This very easily correlates with the direct effect of the tenant fee ban.
It’s been stated that a percentage as high as 87 percent of agents believe the tenant fee ban will have a negative effect on rent prices. With the direct result seeing a hike in prices. Ultimately putting the pressure on the UK’s most vulnerable tenants.
This is something Seven Keys believe shouldn’t have a detrimental effect on a landlord. Managing Director, Ross Parker said:
Unlike a lot of other agents, we don’t need to increase our costs to landlords.
We’ve carefully constructed our overheads, so that we can pass the savings onto the client.
For any landlords looking to save money, speak to the team at Seven Keys and see how they can help you.