Sansfords Estate Agents & Hamilton Fraser react to Autumn Statement
Andrew Ellinas, Director, Sandfords (estate agent in Marylebone and Regents Park)
“The news that the governmentÿis banning letting agents fees to tenants as soon as possible and that landlords should meet those fees, has left me struggling to see howÿthat’s fair. Granted there are some letting agents charging unreasonable fees, but on the whole tenantsÿhave simply been paying for a service required in order to rent a property. The devil will be in the detail, but it would seem thatÿthis isÿthe latest move to hit landlords whoÿare nowÿfacing increased costs.
Looking at the differentÿprinciple fees tenants currently pay, it’s difficult to see how they are going to be charged and to justify why landlords should pick up the bill. For example,ÿreferencing fees. Tenants have to be referenced, but if they subsequently fail those checks, preventing the tenancy from going ahead, who pays that fee?
What aboutÿinventory checks. How can you now expect the landlord to pay for the inventory at the beginning and end of a tenancy, it doesn’t make sense. A tenant pays for it on the way in for their own peace of mind and the landlord once the tenancy hasÿended so that they can check everything is still there and in good condition.
This could have a real impact on the Londonÿrental market. UK and overseas landlords will not welcome this news and will look to recover their incurredÿcosts elsewhere.ÿ ÿTenants may avoid a fee at the start of the tenancy, but there will be an unavoidable outcome of higher rents for them to pay.”
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