The Tenant Fees Act bans most letting fees and caps tenancy deposits paid by tenants in the private rented sector in England.
The ban on tenant fees applies to new or renewed tenancy agreements signed on or after 1 June 2019.
From 1 June 2019, the only payments that landlords or letting agents can charge to tenants in relation to new contracts are:
Once the landlord has agreed on the terms of the let, we will require a holding deposit of one week’s rent including VAT. After we have received the deposit we will send you a link to complete formal online referencing.
Please be advised that paying the holding deposit does not mean that you have been approved as a tenant. Should you or a joint applicant (including guarantors) fail the referencing due to incorrect information that has been provided or you or any joint applicant (including guarantors) decide to withdraw your application from the tenancy after referencing has commenced the holding deposit will be retained in full by Cornwall Properties.
Please note that the holding deposit will be retained in full should you or any joint applicant (including guarantors) provide false or misleading information, fail the government right to rent check, withdraw from the tenancy before the contracts are signed, or delay the let for longer than 15 days from the date of the initial application & holding deposit form being signed or any other deadline agreed including due dates for outstanding balances and signing of tenancy and guarantor agreements.
Should the landlord decide not to proceed the full holding deposit will be returned to you once we have received your bank details in writing.
Once successful referencing has taken place, we will require the first month’s rent and deposit to be paid no later than 5 working days before the start of the tenancy. If you are renting a student property, then we require this payment no later than one month before the tenancy start date.
Our membership with the longest running government approved Tenancy Deposit Scheme means that your tenants’ deposits are securely held and properly administered for the duration of their tenancy.
Count on our expertise in legal compliance to manage this crucial aspect of property management.
At Cornwall Properties we hold ourselves to the highest standards and are proud members of the The Property Redress Scheme.
At Cornwall Properties, we believe in transparency and simplicity, with no hidden fees or unnecessary add-ons.
Our most popular offering is the Fully Managed Service, ideal for landlords who are new to letting, lack the time to manage their property, or live outside Cornwall. This service is also perfect for those with larger property portfolios. Additionally, we offer a Tenant Find and Rent Collection Service, as well as our comprehensive All-Inclusive Rent Guarantee & Legal Cover Platinum Package, ensuring you are fully protected.
