Tenant Fees Act 2019 in the United Kingdom Explained

When you own a property or are familiar with property investment, it’s important that you keep up to date with different changes in the law, as these might affect you. One of the more recent pieces of legislation that came into force which has had a significant impact on the property market is the Tenant Fees Act 2019.

The Tenant Fees Act came into force on 1st June 2019. Its purpose was to stop landlords and agents from being able to charge fees to tenants other than fees that the Act granted. It meant that tenants could not be unreasonably charged for different fees that they reasonably should not be expected to pay. Any tenancy which was signed after 1st June has to comply with the rules set out within the legislation.



All occupant contracts, shorthold tenancies, licences, and tenancies that apply to student accommodation are covered under the Tenant Fees Act. Only landlords, agents and tenants in England apply to the legislation. This is because, in Scotland, letting fees were already banned previously and then in Wales and Northern Ireland, whilst letting fees are still legal, there has been a ban imposed, which means unreasonable fees cannot be charged.

It is very important that you stay up to date with all of this legislation when you buy a property in the interest of investing. Doing this can be tricky; if you’re struggling, it’s always a good option to reach out to professionals who can help. If you need assistance now, then you should be sure to reach out to Property Classifieds. Our team of experts will be able to discuss your current situation and then advise you on the best way forward. If you have any questions or would like any further information, then do not hesitate to get in touch.

Location: United Kingdom

Comments

Post a Comment

Popular posts from this blog

Can All Nationalities, Including Those on Tourist Only Visas, Purchase Residential Real Estate in the United Kingdom?

Image
 Individuals of various nationalities, including those on tourist-only visas, can indeed purchase residential real estate in the United Kingdom (UK). The UK does not impose strict restrictions on foreign ownership of property, and foreign nationals are generally allowed to buy and own residential properties, subject to certain regulations and considerations. One of the most important aspects to consider is the type of visa held by the potential buyer. While tourists and individuals on short-term visas are generally allowed to buy property, there might be some limitations or additional requirements. It's crucial to differentiate between short-term and long-term visas. Tourist-only visa holders, who are in the UK for a limited period of time and have no intention of residing there permanently, are typically allowed to purchase the property. However, they might need to provide proof of their legal status, demonstrate the source of funds for the purchase, and adhere to standard proper
Read more

What's the Best Way to Start Investing in Real Estate with Little or No Cash in the United Kingdom?

Image
Investing in real estate with little or no cash in the United Kingdom can be challenging but not impossible. Here are some strategies you can consider: Wholesaling: Wholesaling involves finding off-market properties, getting them under contract, and then assigning the contract to another investor for a fee. This strategy doesn't require a large upfront investment but relies on your ability to find good deals. Joint Ventures (JVs): Partner with other investors or individuals who have the capital but might lack the time or expertise to find and manage properties. You can bring your knowledge and efforts to the table in exchange for a share of the profits. Lease Options: With a lease option, you lease a property with the option to buy it at a predetermined price within a specific timeframe. You can then sublet the property to tenants and potentially make a profit from the difference between the rental income and your lease option price. Seller Financing: Some sellers might be willing
Read more

Exploring Probate Auctions for Property Sales in the UK

Image
Navigating the property market in the UK can be a complex and daunting task, especially when it involves unique processes like probate auctions. Probate auctions for property sales present a distinctive opportunity for investors and homebuyers. However, like any investment opportunity, they come with their own set of challenges and considerations. Before looking at the intricacies of probate auctions, it's important to understand what they are. Probate auctions happen when a property owner passes away, and their assets, including property, are distributed as per their will or the law if there's no will. These properties are often sold in auctions to settle debts or distribute the estate among beneficiaries. Probate auctions for property sales are unique because they often offer properties at lower prices, making them attractive to investors and homebuyers seeking a deal. The Attraction of Probate Auctions One of the main attractions of probate auctions for property sales is the
Read more