Tenants - Fair Fees Policy

Tenants Fees & Charges.

We charge no fees for setting up your AST. 

We charge no fees for Vetting and credit checks.

It is illegal for landlords or letting agents to charge certain fees to tenants on new or renewed tenancy agreements that were signed on or after 1 June 2019.

You should check what fees (if any) the agent will charge and ensure they are complying with the Tenant Fees Act 2019 before agreeing to allow them to let out your property.

Any landlords or letting agents found to be in breach of the Act are liable for a fine of up to £5,000 in the first instance and if a further breach is committed within 5 years, they are liable for a fine of up to £30,000 or prosecution. Read the government guidance for landlords and letting agents on the Tenant Fees Act 2019.

You may find it helpful to engage an agent to let and/ or manage your property, particularly if you do not have the time to manage the property yourself. You should check that the agent complies with all relevant regulations and if they are a member of an accredited professional body.

Tenant Protection

247 Property Services Limited is also a member of PRS "Property Redress Scheme". You can find out more details on the agent’s website or by contacting the agent directly.

247 Property Services is a certified Safe Agent.

Service Standards for Tenants

The first step in safeguarding your future tenancy is to find a property to rent through a letting agent.

A good way to ensure that you do this is to look for the sign that the firm is accredited by safeagent.

Agents commit to the service standards outlined below and will advise you about the associated costs of renting a property.

Any member of safe agent has to meet to the following criteria:

• Have in place an insurance policy to pay to rectify mistakes in the unfortunate event that they occur (Professional Indemnity Insurance)
• Have a client account where money is held separately to the operating funds of the firm
• Be part of a Client Money Protection Scheme
• Commit to offer services to landlords and tenants meeting safea gent Service Standards
• Have a written Customer Complaints Procedure which offers independent redress should any complaint from a landlord or tenant not be resolved in-house

Tenant Fees Act

The Tenant Fees Act sets out the Government’s approach to banning letting fees for tenants. The key measures of the Act include:

• Tenancy Deposits must not exceed the equivalent of five weeks' rent (unless the annual rent exceeds £50,000 in which case deposits are capped at six weeks’ rent).
• Holding Deposits will be capped at no more than one week’s rent.
• The amount that can be charged for a change to a tenancy will be capped at £50 unless the landlord demonstrates that greater costs were incurred.
• The Consumer Rights Act 2015 is amended to specify that the letting agent transparency requirements should apply to third-party websites.

Alongside rent and deposits, agents and landlords will only be permitted to charge tenants fees associated with:

• A change or early termination of a tenancy when requested by the tenant.
• Utilities, communication services and Council Tax.
• Payments arising from a default by the tenant where they have had to replace keys or a respective security device, or a charge for late rent payment (not exceeding 3% above the bank of England base rate).