With the Tenant Fees Act looming on the horizon and set to take effect on 1 June, it is essential for tenants, landlords and agents to prepare.
ARLA Propertymark has this morning launched a new Tenant Fees Toolkit for members. Available to all ARLA Propertymark members from today, the Toolkit contains ten factsheets covering all aspects of the ban, and a series of 18 short films looking at specific issues. It also includes a simple Tenant Guide, a case study from a Scottish letting agent looking at how they dealt with their ban and practical tips to help agents deal with the loss of income.
Most importantly of all, it includes a suite of template legal documents; including an updated tenancy agreement with Tenant Fees Act compliant sections on default fees and a new deposit clause. Agents will also have access to new Fee Templates, and a template Variation of Contract to use during the transition period that will incorporate fees into existing ASTs. For Holding Deposits, there are template letters for when they need to be refunded, when it is forfeited, for transferring it into the first month’s rent and for when agents need more than 15 days to get everything sorted.
Once the government’s guidance launched yesterday, has been digested, a factsheet for landlords on why their costs are changing and answers to more than 100 frequently asked questions will be added. If further clarity is needed, there may also be Assured Advice from Propertymark’s Primary Authority.
David Cox, chief executive, ARLA Propertymark said, “The Tenant Fees Toolkit we are launching today will help our members comply with the ban; giving them practical tools and materials to operate in a post-tenant-fees world. With less than 40 working days to go until the ban comes into effect, agents need to ensure they’re compliant with the law, and both landlords and tenants understand what it means for them.”