The reason some politicians are up in arms over tenant fees south of the border
With politicians paying increasing attention to tenant fees south of the border, we consider the affect of such fees on tenants.
Foxtons - London's largest estate and letting agents - have some truly staggering tenant costs detailed on their website - they can be found here.
Their cheapest property available to rent is a parking space at £15/week. So far so good. Ah, but wait a minute, what about Foxtons' tenant fees?
Well, below is a quick run down:
- Start of tenancy administration fee: £420.00
- Each rent chase letter: £60.00
- Reference requests: £35.00
- Tenancy renewal £96.00
- Tenancy check out £150.00
So from this particular property, in year 1 Foxtons would earn £687 and the landlord would earn £780. This is of course assuming the tenant does not want a reference, tenancy renewal or need a reminder that their rent is overdue. It's perhaps not surprising that some politicians are up in arms.
Agent/Landlord fees are already illegal in Scotland.