Tenant Fees Bill
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Latest property news
London letting agents offered new partnership to help them offset tenant fees ban
London property data firm Lonres has made a bold move into the transactional lettings market after it was announced today that it has formed a strategic alliance with lettings services firm Let Alliance. Lonres says the deal is a direct response to the looming tenant fees ban, the legislation for which recently began its passage through parliament, but is also part of an ongoing plan for Lonres to help its subscribers find “practical solutions to help them adapt effectively to policy and market changes”. To be called Lonres Let Alliance, the partnership will only be available to Lonres subscribers and will offer an end-to-end rental service for letting agents, landlords and tenants. This includes tenant referencing, deposits, a rent guarantee scheme and a host of insurance packages underwritten by UK General Insurance Group. Tenant fees ban Lonres says its agent clients will also be able to earn referral fees from the Let Alliance partnership if they introduce its products to tenants or landlords. “This alliance came about after we realised that the government wanted to see the industry come up with new ideas,” says Anthony Payne, MD of Lonres (pictured). “We think this partnership offers both tenants and agents what…
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It’s begun! Tenant Fees Bill enters Parliament
The government today revealed that the Tenant Fees Bill has now begun its journey through parliament and into law.
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MPs recommend to tighten up draft Tenant Fees Bill including five-week deposits
Housing committee ignores industry on damage bill may do to housing affordability and letting agent viability, and recommends smaller deposits, tighter rules on other allowable fees and harsher policing.
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Government rejects agent’s petition calling for tenant fees cap
The Government has rejected a petition signed by nearly 10,400 agents that proposed a tenant fees cap instead of an outright ban. Started by 29-year-old letting agent Rob Farrelly (pictured, below) who began his own business Friend & Farrelly Property Services eight years ago, e-petition 206569 was signed by agents all over the UK. In its response to the e-petition, the Government has revealed its determination to plough on with its draft Tenant Fees Bill published on 1st November, saying it wants to see a rental market in which landlords and not tenants are the primary customer of agents. As well as reiterating its belief that a fees ban will improve transparency and affordability for renters, and that fees are still not clear or explained, it claims that “many letting agents and landlords acknowledge that fees charged to tenants are currently not at a level that is justifiable and agree that intervention is necessary”. “The Government does not believe that a cap would be effective and is likely to lead to a race to the top in terms of fees charged. A ban is easier to understand and enforce.” Agents are also able to see a glimpse of the future…
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‘Half of landlords in the UK expecting fees rise after ban’
Half of all landlords in the UK expect their agent to pass on the costs of running their property after the draft Tenants Fees Bill becomes law next year, it has been revealed. The research, which was completed by ‘deposit alternative’ start-up Reposit, also shows that letting agent fee increases are one of the most common unexpected costs among landlords, alongside repairs and renewal fees, and that a third of landlords have experienced paying costs they weren’t expecting. But the research also reveals that increased fees are not the main reason landlords leave their agent. Of the 41% of landlords who told Reposit they had left their agent in the past, only 11% said it was over raised fees. Instead, customers service (61%) and bad property care (26%) irked them more and prompted them to find a new agent. “With changes to buy-to-let legislation and a ban on tenant fees, landlord perspectives are more important to letting agent revenues than ever before and very little is known about UK landlords’ relationships with their letting agents,” the reports says. But Reposit says the increased costs of being a landlord including the recent hikes in Stamp Duty and reductions in tax breaks,…
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