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Tenant Fees Act 2019 comes into force.

'Bristol Res' Blog • 06 June 2019

Tenant Fees Act 2019 comes into force.

Saturday June 1st saw the introduction of the Tenant Fees Act 2019.  Originally announced in 2016 the Act has been championed by politicians who believe it will bring about a reduction in costs for those people renting and criticised by industry experts who believe it will simply result in a reallocation of fees and higher rents. 

The main thrust of the act is that the only payments landlords and agents can charge in connection with a tenancy are:

a) the rent

b) a refundable tenancy deposit capped at no more than five weeks’ rent where the annual rent is less than £50,000, or six weeks’ rent where the total annual rent is £50,000 or above

c) a refundable holding deposit (to reserve a property) capped at no more than one week’s rent

d) payments to change the tenancy when requested by the tenant, capped at £50, or reasonable costs incurred if higher

e) payments associated with early termination of the tenancy, when requested by the tenant

f) payments in respect of utilities, communication services, TV licence and council tax

g) A default fee for late payment of rent and replacement of a lost key/security device ( restricted charges apply)

If the tenant is being charged a fee that is not on this list then it is a prohibited payment and is not allowed. Guidance notes on the act have been produced and can be viewed here – Guidance Notes – Tenant Fees Act 2019

Although the Act is in its early days it is clear to see already how the Bristol market is responding to this legislation.  Landlords have accepted that if they wish agents to continue to provide a professional service there is no option but to reallocate the tenant fees.  As a result we are already seeing asking rents rising across the city and tenants attempts to negotiate the opening rent on a property or a later start date of a tenancy falling on deaf ears.  In addition to this we are also seeing a determination from landlords to enforce rent increases as and when they arise

Maybe in Bristol at least – the industry experts prediction appears to be right.


Just lettings, just Bristol

 

Last remaining 1 beds available in The Flour House     

The latest phase of the redevelopment of The General Hospital has almost completely sold out. There is still an opportunity to invest in the development with 2 x 1 beds still available.

Priced very competitively from £252,500 and with an achievable rent of £1050 per calendar month. It is becoming increasingly tricky to find opportunities in the new build market to achieve a 5% gross yield. Should you be in the market for a high spec 1 bed, then it is certainly worth making and inquiry through City & Country. Contact the sales team by emailing The General or calling 01173211081.

You can see the apartments & learn more about The General via this link


Just lettings, just Bristol

 

‘The Restaurant That Makes Mistakes’ to be aired next Wednesday.     

Last year we highlighted that a group of people living with dementia attempted to run a restaurant in Bristol. The results of their efforts will be broadcast on prime time television nest week.

The first episode of The Restaurant That Makes Mistakes is on Channel 4 at 9pm on Wednesday, June 12, the first of five 60-minute episodes.

The restaurant was open to the public for several weeks in November and December 2018, taking over what is usually The Station Kitchen on Silver Street, with chefs and front of house staff all living with dementia.
Josh Eggleton of the Michelin-starred Pony & Trap in Chew Magna was overseeing operations, with special guest diners including Hugh Bonneville and David Baddiel.

Sarah Lazenby Channel 4’s head of features and formats said  “A dementia diagnosis doesn’t, and shouldn’t mean the end of a career, This poignant and timely project aims to open the eyes of employers to the importance of keeping those who live with dementia in work by boosting their confidence and independence.
Mistakes are bound to be made, but then that’s the point and exactly why this restaurant is called what it is.”


Just lettings, just Bristol