A Liberal Democrat MP has introduced a Bill in Parliament that would regulate letting agents.
Julian Huppert, who represents Cambridge, says he wants to control the “excessive” fees charged by letting agents and “extend the rules covering estate agents to letting agents as well”.
Writing on the Lib Dem website, he claims: “Letting agencies have been allowed to charge exorbitant fees to do the simplest, cheapest administrative tasks – sending an email, posting a letter or changing a name on the tenancy.
“According to Shelter, 1 in 7 people who use letting agents spend £500 on fees – that’s on top of rent and deposits!”
In the Commons, Huppert said the Consumers, Estate Agents and Redress Act 2007 and the Estate Agents Act 1979 should both apply to letting agencies.
He said: “There are many letting agencies out there who are decent and honest who do not try to make their living by ripping off their tenants.
“Those good people should have nothing to fear from these controls: indeed, they will probably benefit as the rogues sharpen up their act or go out of business.
“These high fees, especially when they are hidden and people don’t know they are coming, have a huge effect on people’s lives. Many people rent because they can’t afford yet to buy so don’t have much spare cash.”
Huppert’s Ten Minute Rule Bill is due a second reading on June 6, but without government support, is unlikely to make progress.
Comments (13)
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I heard earlier about students renting places with mould, rats, slugs etc. The reporter was saying that apparently tougher regulation on Letting Agents will sort this.
To be honest, I don’t think it will. Issues like that are for the LANDLORD to fix, as long as the Agent makes the landlord aware of the problems and keeps pressure on to get them sorted then there is nothing more we can do. Most Agents won’t let an unsuitable property anyway, I know we wouldn’t let anything that we wouldn’t live in ourselves.
Do you honestly believe that the students bear no responsibility for the condensation mould, rats, slugs etc? Have you ever let a property to students? I have and all I can say is I am surprised that there are not more reporting these problems. The do not ventilate and heat the property, curtains are closed all day, food waste left out etc. Of course all that is the landlords fault. Silly me, I thought it was for them to “act in a tenant-like manner”, I didn’t realise it was for the landlord to come round and nanny them.
There is nothing wrong with a Lettings Agent charging for their services and the time they take out of their day to provide such services. For too long, lettings (and estate) agents have provided a service for clients at no recompense to the agent or agency.
A lot of time and agency money is spent in associated activity to secure a let or sale. Those involved as customers or clients have to pay.
Accountants and solicitors charge by the minute for their time – fees charged by agents must reflect the time each day they spend securing, agreeing and then managing a let.
I started my own lettings agency, built it up and then sold it, so I know the work that goes on and the fees that have to be paid in order to make a businesses just break even, never mind…..make a profit!
Is Julian Huppert sponsored by Shelter?
I would like to start a campaign “to control the ‘excessive’ expenses charged by MPs” Why should taxpayers pay their mortgage on their second homes yet get no benefit when they are sold.
Jenny Gee, I do not know your business model and therefore will not comment on how you make your money. I believe that no agent should make an adverse comment on another agent’s charging methods.
For example, some agents put the majority of the cost on the landlord, other areas place the cost on the tenants, while some split the costs 50/50. In our area landlords advertise free so tenants bear most of the cost. As PRman says, someone has to pay and if the tenant doesn’t then the landlord will recoup his costs from increased rent.
The only extras that may firm charges are splitting the cost of the AIIC clerk 50/50 between landlord and tenant. Occasionally they ask for a replacement copy of the inventory or the AST and yes, we do charge them for that.
Agree with your comments BUT unless as an industry we demonstrate we are actively trying to put our own house in order, someone else will do it for us. We are a relocation and property management business and regularly approach letting agents for relocation clients across the UK. The fees some agents charge, over and above a % of the first months rent, often run in to hundred’s of £££s. As we also let property direct to tenants we understand the work involved and there is no excuse for this.
Admirable stuff but without the upfront fees as a one-off charge the costs will get added to the rent, recoverable over the initial period of the tenancy. After that, the rent is likely to stay the same so the tenant ends up paying more. There’s nothing wrong with fees if they are justifiable, transparent, and revealed before any commitment by the prospective tenant – even before a viewing is arranged. It is being done responsible agents and the rules are there to enforce it.