On 1st June 2019 the law in relation to tenant fees and charges changed. With effect from this date a tenant (or anyone acting on their behalf or guaranteeing their rent) cannot be required to make certain payments in connection with a tenancy. Refundable Tenancy Deposit — capped at no more than 5 weeks rent where the annual rent is less than £50,000, or 6 weeks rent where the total annual rent is £50,000 or above. This deposit can be used to cover damages or defaults of the tenant during the tenancy. Default Fee for Late Payment of Rent - Chargeable from 14 days arrears calculated on the interest at 3% above Bank of England base rate on the late payment of rent for each day that the payment is outstanding.
