A new report has revealed that many buy-to-let landlords in England, Wales and Northern Ireland are unaware that the Government is considering scrapping tenant fees charged by letting agents.
Landlords will be well aware of fees tenants are permitted to pay when signing a contract with an agent. Tenants could face charges of between £50 and £500 to either check-in or check-out.
In Scotland, these fees have already been abolished.
Research from Upad shows that 54% of landlords are not aware of the Government’s plans to abolish fees. Baroness Grenader proposed the changes to the Renters’ Rights Bill, including scrapping fees charged by agents and sometimes by landlords.
It comes as little surprise to learn that many tenants are backing the potential alterations. In fact, the study from Upad indicates that a number of landlords that are aware of the changes are feeling relaxed.
However, the online letting agent feels that the Government has got its priorities wrong by proposing to abolish fees.
Over half of landlords unaware tenant fees could be scrapped
Upad points out that previously, when tenants were asked if they had a choice between capping rents or capping fees, 60% said that they would prefer rent caps.
A statement from Upad said that, ‘maybe the Government should focus more of its efforts on increasing supply rather than the removal of tenant’s fees, as this would reduce the rent prices nationally and save tenants more money in the long run.’