Tenancy fee ban
Your local independent letting agent
If you've never used a letting agent before and this is the first time you are looking to rent a property in Derby, the task of finding a respectable agent can seem extremely daunting.
Phoenix Lettings are independent local-based letting agent serving landlords and tenants throughout Derby City Centre and surrounding areas. We hold on to our traditional values, but with a modern approach. We are here to help you find your perfect home, in the perfect location, where you can afford.
Local independent landlord services in Derby
We provide landlord services from start to finish of the rental transaction. Commencing from the valuation of the property, agreed rental income, introducing prospective tenants. We also undertake all the relevant checks, negotiations and agreements, before producing the tenancy agreements and relevant legal payments for both parties to sign.
Important information for landlords and tenants
The Tenant Fee Ban 2019
On 12th February 2019, the Tenant Fees Act was passed into law by the UK Government. This new act revealed that from 1st June 2019 all new and renewed tenancies will come under the extent of the new ban, whilst existing tenancies will be brought under the new rules from 1st June 2020.
This means landlords or their agents will no longer be allowed to charge tenants for anything except the rent, the tenancy deposit and a holding deposit (more on these below)
Landlords can no longer issue a separate charge for a ‘pet deposit', although they can now impose higher rental prices for Tenants with a pet. Landlords will be under obligation to incorporate notice of this higher rent in the particulars of the property adverts so it is clear to potential Tenants.
Tenancy deposit cap
Tenancy deposits will be limited to five weeks rent for annual rentals under £50,000. For properties whose annual rent is £50,000 or more, tenancy deposits will be capped at six weeks' rent.
Repayment of holding deposits
Landlords will only be able to hold the holding deposit for 15 days unless another ‘deadline' date is agreed in writing.
The holding deposit can be repaid to the tenant, this must be repaid within 7 days, or it can be put towards the rent or tenancy deposit.
In light of the tenant fee ban, unlike a lot of other agents who have already advised their Landlords that they will be putting their fees up, Phoenix won’t.
Choose Phoenix Lettings for your next move
As ever, our qualified staff is fully up to speed with all new regulations, so if you have any questions or doubts at all, please don't hesitate to contact one of our lettings experts.
We cover and manage properties in Alvaston, Burton-Upon-Trent, Derby Centre, Littleover, Nottingham, Sunny Hill, Willmorton and all surrounding areas.