Renting

Landlords and letting agents will only be able to recover “reasonable incurred costs” from tenant deposits, under new government plans.

Renters must be provided with evidence of costs before they can impose charges, as part of amendments to the Tenant Fees Bill.

It means tenants will no longer be forced to pay “excessive” costs for minor damages.

For example, landlords or agents will not be able to charge hundreds of pounds for damaged items that cost only a few pounds to replace.

Other changes to the bill include steps to make sure tenants get their money back quickly by reducing the timeframe that landlords and agents must pay back fees that have been unlawfully charged.

Under the new law, letting agent fees will be banned and deposits at the start of the tenancy will be capped at six weeks’ rent under the new laws.

The bill is set to save tenants around £240m a year, the government said.

Minister Rishi Sunak MP said: “Tenants across the country, whatever their income, should not be hit with unfair costs by agents or landlords.

“This government is determined to make sure our housing market works and this new provision in the Tenant Fees Bill will make renting fairer and more transparent for all.”

Mortgages
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equity release

We offer whole of market advice for all types of customers, whether you are a first time buyer, home mover or looking to purchase a buy to let property. Being independent we are able to offer impartial advice from the whole of the market to ensure you get the product that suits your financial needs.

Whether you are looking to protect your mortgage payments or your family, we provide independent advice for life insurance, critical illness cover and income protection from a wide range of providers.

Buildings Insurance is a requirement when you complete on a mortgage the cover is to provide security to the lender, the insurance covers the main structure of your home. It will cover you for subsidence, storm, flood, fire or smoke damage and cover the costs of rebuilding or repair.

Equity release is a way of releasing cash from your property, either through selling a percentage to the reversion company or taking a mortgage on it, while allowing you, the homeowner to continue living there as long as you wish.