Tim Wragby

Registered with Property118.com
Sunday 29th March 2015


Latest Comments

Total Number of Property118 Comments: 24

Tim Wragby

18:06 PM, 15th May 2018
About 5 months ago

Tenant Fees Ban - Measures affecting Landlords and Agents

That is the proposal - it has yet to be written into law but I doubt it will be watered down as there is little sympathy in Westminster for the PRS which in their eye is akin to the fat cats & MP’s expenses candles of the past. We’re all victims of the excessive greed of a significant few agents & to lesser extent landlords but it is fairly draconian by design - tenants Will be facing unwelcome rent rises it is still a matter of debate of by how much... Read More

Tim Wragby

12:49 PM, 12th May 2018
About 5 months ago

Tenant Fees Ban - Measures affecting Landlords and Agents

Reply to the comment left by jeanette Kirkby at 12/05/2018 - 10:01
You cannot charge your tenant but could charge the requesting agent or landlord. If your tenant is not referenced and unable to move however that too could become an issue for you if you were the one seeking to move them on... Read More

Tim Wragby

12:46 PM, 12th May 2018
About 5 months ago

Tenant Fees Ban - Measures affecting Landlords and Agents

Reply to the comment left by Nic Burrows at 12/05/2018 - 09:52
Nic
Unfortunately you will not be able to legally make any charges to the tenants or their third parties. If you read the legislation you will see that it states only what is permitted and by default everything else is breaking the law. You will have to do your sums and work out what all your additional costs are and wrap it into your rent which is the sole income source permitted. And you cannot reduce the rent later in the tenancy as you would be liable for repaying the total excess balance back before you serve a valid section 21 and be potentially liable for penalties as well.... Read More

Tim Wragby

22:31 PM, 8th May 2018
About 6 months ago

Tenant Fees Ban - Measures affecting Landlords and Agents

I'm fascinated how many would be glad to see the back of agents and watching their demise due to this ill conceived bill. Agents departure from the housing market certainly would cause a Tsunami within the housing sector as a significant proportion of landlords would be completely unable to manage their lettings and sadly many have only a limited grip of the legalities and nuances of making a tenancy run properly. It would not be high fees to worry about but basics such as gas certs, smoke alarm cheques, Right to Rent, How To Rent...... etc etc let alone the upcoming 5 yr electrical safety checks and new CO requirements.
Responsible agents are being challenged nearly as much as the greedy and it is bizarre how they expect a business to run without making a profit. I do not hear of hairdressers or solicitors, butchers or electricians being asked not to charge profit making fees to cover their business costs but letting agents are being legislated to do just that. A properly established tenancy takes many man hours to prepare and this has to be paid for. If an agency cannot employ the right number of staff and train and retain them to carry out an effective and responsible job then there will be massive unforeseen consequences that messes with whole swathes of society - If landlords cannot let properties effectively there will be a dramatic fall in available properties, if these properties are then off loaded into the sales market it will destabilise that too. It could be a real mess!
Cap / restrict fees to a degree I can agree with but I'm not at all certain that this will not end up as a complete fiasco with huge numbers of families ending up in the crossfire and casualties of a real mess.... Read More

Tim Wragby

16:23 PM, 7th May 2018
About 6 months ago

Tenant Fees Ban - Measures affecting Landlords and Agents

Neither a landlord nor an agent will be able to charge a tenant to be referenced as a fee separate to prescribed fees - ie rent, 6 weeks deposit etc.
You will be able to charge 1 weeks holding deposit which can be retained only in some very precise circumstances laid out in schedule 2 to the Act.
It has been written very carefully to prevent landlords or their agents getting round the Act with “a Cunning plan” and anyone found out making an unlawful charge will not be able to act on it until the tenant has been paid back in full (+ interest).
Once passed you will have to calculate your costs and incorporate them into your rent charged and hope than a you can find a tenant willing to pay it. You at also not allowed to charge a higher rent for first rent and reduce later either so it will be an “interesting “ time for the first few months as tenants get used to a step change in rents.
For landlords who use agents you will also most likely see a dramatic change in agency fees as agents will be trying to cover 10s of thousands of pounds for a small to medium agency and large agencies hold face an income gap of £100,000+. For National corporates it will be eye wateringly large!
As posted above the low income long staying tenants are going to lose most. The only advantage is that tenants will spread out the cost of moving over months but the charges will have to be met... Read More