As the private rented sector prepares for the new regulations that come with the Enterprise & Regulatory Reform Act this Autumn, in which all letting agents in England will be required to belong to a government-approved property redress scheme, the UKALA has presented some interesting findings from their research.
They found that 81% of tenants were satisfied that their letting agent explained what fees they would be required to pay at the beginning of the tenancy. Half said it was a comprehensive explanation, while 31% said it was only explained in part. However, one in ten tenants said their letting agent had not explained what fees would be charged at the outset, and another 9% were unable to recall what, if any, information their letting agent had provided them with.
The topic of letting agent fees was big news last year. Following a high-profile court case and much discussion among MPs and representatives from landlord and letting agent groups, new advertising laws were introduced requiring letting agents to print all relevant fees on advertised properties in order to protect tenants from the nasty surprise of hidden charges.
Of course, there are other causes for disputes between agents and their clients, but it is positive to see that “hidden fees” is now less of a problem in the private rented sector.
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