Lettings agents and property managers to display fees - or face £5,000 fine
LETTINGS agents and property managers in Hackney are being investigated by the Council to make sure they’re displaying certain fees they charge in accordance with the law – or face a £5,000 fine.
Introductory fees, also for arranging assured shorthold tenancies, and for management must all be on show in shop premises and on websites.
There are more than 270 lettings agents and property managers operating in Hackney, and the displayed fees list must include:
- an adequate description of each fee and its purpose
- whether the fee is payable for the accommodation or by each tenant
- the total amount of the fee inclusive of all taxes
- the method of calculating the fee, if the fee cannot be determined in advance
In England only, lettings agents and property managers must also display the following:
- a statement regarding whether the business is a member of a client money protection scheme
- a statement that they are a member of a redress scheme and the name of that scheme, where applicable
Earlier this year Hackney Council called on the government to make it compulsory for lettings agents and property managers to explain their fees, among other measures, through the 10 Steps to better private renting campaign.
If you know of a lettings agent or property manager that isn’t complying with the law, contact the Council’s Trading Standards team on 020 8356 4929, Monday-Friday, 9am-5pm, or email email@example.com
Sign the Council’s petition to the government for better private renting at www.hackney.gov.uk/10-Steps
“This is a welcome move from the government, which has now implemented our demand, and it is essential that lettings agents and property managers in Hackney clearly display their fees in their premises and online. Letting agent fees are still too high and it is all too often an area of complaint, but in the absence of legislation to reduce or remove fees I would ask tenants to remind lettings agents of their obligations to comply with the law – which we will not hesitate to enforce where appropriate.”