Letting Agents must publish fees from today
The Consumer Rights Act 2015 has now made it a statutory duty for letting agents to fully publicise the fees they charge to landlords and tenants.
Lettings agents must prominently display a list of their fees at all of their offices, as well as on their website, and all fees must be inclusive of VAT.
Guidance for the new requirements has been issued by the Department for Communities and Local Government, with input from the Advertising Standards Authority.
According to the legislation, the guidelines apply to: “all fees, charges or penalties, however expressed, which are payable to the agent by a landlord or tenant in respect of letting agency work and property management work carried out by the agent in connection with an assured tenancy. This includes fees, charges or penalties in connection with an assured tenancy of a property, or a property that is, has been or is proposed to be let under an assured tenancy.”
The intention of this regulation is for consumers to be able to make a free and informed choice when deciding to enter into a contract for somewhere to live.
Therefore, when advertising a property or conducting a viewing, it is expected all relevant information be given to prospective tenants by the agent or landlord and that it is freely available, transparent and truthful.