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  • Buy-to-Let

    Plans for when Tenant Fees Bill come in?

    Hi all,

    What are your plans when the Letting Fee Ban comes in in June 2019?

    https://www.moneysavingexpert.com/news/2...from-june/

    "> A refundable holding deposit to reserve the property, capped at one week's rent. "

    According to the above link it will be possible to reserve the property with up to a one week charge, which must be refunded, however the report doesn't say at what stage this should be refunded? When you accept (and protect of course) the deposit, ie. knock it off the deposit?

    Just working out the best way of proceeding next time there is a tenancy change. Normally I've been charging the OpenRent suggested admin fee of £20 per person which has worked out well.

    My prospective tenants need to be charged a figure, even if it will be refunded (no problem with that from me) to show their intention to proceed and provide suitable information.

    Any thoughts?

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    I've sometimes taken a holding deposit. I knock it off the Tenancy Deposit when they sign the contract.

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    To comply with the new legislation if/when it arrives, we plan to ask for one weeks holding fee which will become part of their protected deposit and returned if there are no breaches to the AST which raise a claim.

    Tenants with pets will be charged a higher rent.

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    It's an interesting question. We're taking holding deposits for student lets that don't begin until September. One week's holding deposit on a room doesn't provide much reassurance to the tenant against being gazumped by someone more desperate in such a competitive market. 

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    Why don't you take one months deposit when you all sign the tenancy agreement and then everyone knows where they stand?

    eg. Tenant pays deposit of one months rent in February (+ is protected), AST is signed at the same time with the start date in September.

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    Thanks for the suggestion. I thought I'd remembered that TDS didn't allow the deposit date to be that far before the tenancy start date but I've done a test and it appears that it does. Problem solved.

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    Mydeposits certainly allows a date that far in advance.

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    About time too. Why should tenants pay for renting.

    Greedy agents have used fees as an excuse to ripe off tenants for years now its their turn.

    Many will be losing monies and have to lay off staff. Landlords who try and charge more will just find tenants looking for more competitive deals. 

    Tenants aren't stupid they will just negotiate the deals with the landlords and play one off against another.

    This is the start of tenant power and its going to get worst for landlords. Profit margins will be squeezed over time as the governments war on landlords continue.

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    I don't think anyone here is arguing that tenant fees should continue Douglas. Nor do we condone the acts of rogue agents or landlords.

    The issue of deposits is a difficult one as it costs a lot to pay for references and without those we can't insure against the small minority of rogue tenants who move in and then don't pay any rent.

    Without the deposit there are some tenants who would accept half a dozen properties and then only move into one, blocking five houses from being offered to others needing a home. I don't get this attitude that landlords and tenants are somehow on opposite sides.

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    " Without the deposit there are some tenants who would accept half a dozen properties and then only move into one, blocking five houses from being offered to others needing a home. "

    You seem to be confusing holding deposit with the actual deposit.

    Holding deposit: a sign of intent to let the property by the tenant. To be knocked off the amount of the deposit after June 1st?

    Deposit: held in the likes of mydeposit or equivalent, this is held for the duration of the tenancy to protect against damage, default etc. etc.

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    I'm talking about the holding deposit here. Whilst waiting for the references to complete.

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