The days of students paying huge tenancy and rent fees in London are... well… still here, but things are changing to get us onto the right track. The Tenancy Fees Act is now in effect and you need to know about it if you’re thinking about or looking to rent in London.
Without going into much detail, the Act means that London renters now do not need to pay for:
- Upfront letting agent fees such as administration fees, credit checks, etc.
- Deposits for reserving a property higher than a week’s rent.
- Unless you’re renting a £50k luxury pad, your deposit cannot exceed 5 weeks’ rent.
- Check-in or check-out fees at the start or end of your tenancy.
- Fees for inventory checks at the start or end of your tenancy.
- A professional clean at the end of your tenancy (but you might be required to clean it to a professional standard).
Though rent in London continues to be extortionate and not affordable for many, the Tenant Fees Ban is a step in the right direction and will serve as a little bit of relief for students as we hopefully edge towards a more affordable London living experience. If you have yet to sign your agreement, or are looking to move into private accommodation, make sure you don’t end up being charged any or all of these.
You can find more information and specific details on the Government Renting website.
VP Welfare & Community 19/20