Tenant Fee Ban Transitionary Period to End
It seems as though only yesterday letting agents in England were preparing for the abolition of tenant fees. Fast forward 12 months and from the 1st June 2020 the “transitionary period” will have come to an end. This means any fee that was taken in advance on a pre-existing tenancy (pre-1st June 2019) or within a renewal, will be deemed a "Prohibited Payment". This includes but is not limited to check-out fees which had been taken in advance at the beginning of a tenancy.
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Businesses go through transitions caused by trends, the Economy, changes in the customer expectations and needs, which means that businesses, large and small have to evolve. Our last blog dealt with Strategic Change, but deep down what sits at the heart of your business and makes your company stand out from the crowd? Ask yourself the following questions:-
Which kind of Strategy suits your Letting Agency?
Whether you run a Corporate or a Start-Up, it is important for management, owners & directors to know exactly which kind of strategy suits the vision and direction the business hopes to go in. With the advent of the Fee Ban, no one can really anticipate what the Private Rented Sector will look like in 12 months time, let alone 5 years time. Letting Agents are attempting to navigate the unknown - business plans have to be altered as do business models - is a fee increase to landlords warranted or should Agents hold fire just to wait and see how the land lies?
Tenant Fees Act Guidance Issued
On the 12th February 2019 the Ministry of Housing announced the date that the Tenant Fees Act 2019 would become law on the 1st June 2019. Whilst drafts of what the Act would include had been published, the guidance was highly anticipated in order for Landlords, Letting Agents, Property Managers and Tenants to be aware of exactly what this new piece of Legislation would include.