The last few years haven’t been easy for landlords in Peterborough. There have been tax changes, new regulations, regulation changes and more. Unfortunately it doesn’t look to be an easier journey over 2019 for Peterborough landlords either, with Government figures showing tenants could be saving around £240million each year with new legislations.
If you don’t work with a professional letting agent that you can trust and rely upon, then your life as a landlord in Peterborough could be about to get even trickier.
Here at Letters Group we work with landlords in Peterborough to ensure they are away of all the latest regulation and legislation changes so our Peterborough Landlords are always doing it right.
Please see the latest changes that landlords in Peterborough need to be aware of to stay legal;
Client Money Protection Schemes
As of 1st April 2019 the second regulation comes into force, as per Government requirements. The client money protection scheme protects the money of the landlords and tenants if a letting or property agent was to go into administration. This is something the team here at Letters Group put in place quite some time ago, because we want our Peterborough landlords to feel safe when they use us as their letting agents.
Ban on Tenant Fees
As of 1st June 2019, it will become law in England that there will be a ban on tenant fees. Examples of banned fees include charging for a guarantor form, credit checks, inventories, cleaning services, referencing, admin charges, gardening services and such like. Generally speaking, pretty much any fee that is in a tenancy agreement will become void.
The original government proposed limit of deposits from tenants was 4 weeks, but the industry average was 6 weeks. The government have now started that 5 weeks rent is the maximum deposit that can be taken from a tenant.
Here at Letters Group we would always recommend that a professional inventory check-in is completed as standard, and regular checks are completed on the property.
It is important to note that deposits for tenancies where the annual rate is £50,000 or more are given one extra week. For tenancies of this size, the tenant deposit can be charged to the equivalent of 6 weeks rent.
If you are an independent landlord in Peterborough and would like to partner up with a lettings agency for added support and to take away the stress, then please contact us directly. We would be happy to discuss we can work for you, and the stresses and headaches of being a landlord in Peterborough that we can take away for you.