Despite carrying out detailed checks on your tenants, there is always the risk that they might cause damage to your property – and a cash deposit is the standard way to protect against this risk.
News & Advice
It’s a situation no landlord wants to find themselves in, but if the worst happens and a tenant dies while they’re living at your property, it’s worth knowing what the rules are.
When you next rent a property, you may be interested in using a deposit replacement product. But what are these, and are they right for you? Here’s what you need to know as a tenant.
In theory, if you vet your tenants carefully, they should take good care of your property – and in the vast majority of cases that’s exactly how it will turn out. However, even conscientious tenants sometimes cause damage that goes beyond reasonable wear and tear, or leave the property needing a bit of a spruce up before you can let it to new tenants.
The Tenant Fees Act became law on June 1st 2019 and any new tenancies agreed from that date forward must not contain any requirement for payments listed in the Act as prohibited. If a new shorthold tenancy contract that is agreed or renewed after June 1stdoes contain requests for payments which are now banned, the landlord or agent could be fined £5,000, £30,000 or banned from the industry.
The Tenant Fee Ban Bill has received Royal Assent and will become law from June 1st 2019. The Bill has been much debated and discussed. But, for landlords managing their own tenants and property, what exactly does the new Bill mean for them and what details of their existing tenancy agreements and processes will need to change?