Yes but due to ever increasing rents the 6 week's worth is always a lot more a few years down the line when you move.. An 'old' deposit would rarely cover a 'new' one..Is the deposit not returned to you or used to pay your rent?
Yes but due to ever increasing rents the 6 week's worth is always a lot more a few years down the line when you move.. An 'old' deposit would rarely cover a 'new' one..Is the deposit not returned to you or used to pay your rent?
I assume landlords are just going to increase rent per month to cover any fees they have to pay themselves. Surely the renters have the potential to be worse off?
When I rented 6 years ago, I think my fees were £200 or so.
If I was a landlord I would expect my letting agent to tell me they have someone suitable for the property and their references check out, total cost is £x including search fees.
If my letting agent calls up and says "we had 3 families interested in your property but 2 of them failed credit checks, you owe us £x *3 to go ahead" I'd be telling them to get stuffed. I would expect landlords would get charged a single search fee and the ones who fail checks would be paid for out of an increase in the regular monthly fee.
Rents will not rise, they are set at what the market will take
This would also provide incentive to the agent to process applicants that they knew (felt) weren't serious or would (Might) fail the checks. A flat fee and risk shouldered by the agents is probably best.
I expect estate agents employ <0.000001% of people in Cornwall. Over-dramatise much?So you're saying one of the few sources of employment in your area dussapearibg couldn't hurt?
Except it wont. I'll direct you to my post on page 1. There's no evidence to suggest rents will rise, it's just scaremongering by lettings agents/landlords when they were arguing against the ban.Landlords will just add the fees onto monthly cost, watch rent go up now for all rented properties.
Except it wont. I'll direct you to my post on page 1. There's no evidence to suggest rents will rise, it's just scaremongering by lettings agents/landlords when they were arguing against the ban.
Holy thread resurrection!
I was looking around for somewhere to move to earlier, I looked at a decent house to find it had agent fees of £650 applied (just for the referencing!) then I remembered this whole admin fee ban and wondered when it's actually coming into force - well, it comes into force this Saturday!
I also wondered why there's been a sudden surge in the amount of letting agents offering 'no-deposit' schemes, it looks as though this is their way of getting around the loss of revenue - instead charge a monthly amount of money for the deposit which has a fee attached.
Yikes...
That is actually disgusting tbh.... I paid like 50 quid "fees" when I moved into my place years ago....for credit checks + referencing etc.
Absolutely disgraceful.