As a leading North Wales Estate Agent, Peter Large has always believed in offering a fair and transparent service to both tenants and landlords.
A new law came into force on 1 September 2019 which is a major change to the fees tenants in Wales have to pay, so we are providing the following guidance for both tenants and potential landlords.
Guidance for New Tenants
Here is how the new laws affect new tenants who are taking out a new tenancy agreement or signed an agreement after 1 September 2019.
What you don’t have to pay
New tenants after this date no longer have to pay fees for:
- checking references or credit checks
- drawing up a tenancy
- renewing a tenancy
- amending a tenancy term, for example adding in more conditions
- requesting or amending a tenancy if one joint tenant leaves and is replaced by another
- viewing a property
- drawing up an inventory
- arranging a guarantor
- inspecting a property at the end of the tenancy.
Charges you do have to pay
New tenants will still need to pay the following charges:
- security deposits (if required)
- holding deposits to reserve a property. This is equivalent to one week’s rent and will be offset against your first month.
- late payment of rent or breach of a tenancy agreement (known as default payments)
- any council tax, utility bills, communication bills or TV licence (unless these services are provided as part of your tenancy agreement)
Guidance for Existing Tenants
With regard to existing tenancy agreements that were taken out prior to 1 September 2019, any charges due under your existing tenancy agreement will still apply.
Guidance for Landlords
If you are already one of our landlords, we will have been in touch to advise you of any changes to your agreements with us where needed.
If however, you are a landlord with a property to let, unsure of what costs are involved, why not get in touch?
With the new rules now in place, and very strict guidelines for renting out properties in Wales, many landlords have inadvertently fallen foul, with a number of private landlords receiving large fines.
Our professional service enables us to guide landlords through the complex maze of letting property in Wales.
We generally let properties more quickly, and attract desirable, high quality tenants with a stable income, which enables us to protect your property investment. We can take care of every aspect of your property rental, leaving you free to get on with running your business.
For more advice on any aspect of letting your property or taking out a rental agreement on one of our properties, please do not hesitate to get in touch with our professional lettings team.