Following this act, landlords and agencies must be prepared to take on these costs if they had previously been charging tenants for these checks. If you need to conduct an AML or credit check on a prospective tenant before the tenancy agreement or at any time during the contract, finding a cost-efficient solution is key.
Creditsafe provides these cost-effective solutions so that you don’t need to raise the cost of rent substantially or take on a huge fee. Whether you are looking for a limited number of checks or enough for you to take on new tenants every day, we can help.
If you are taking holding deposits often, you must now be prepared to repay them within the allotted time. 7 days is often the agreed terms, so if you are using cheques (which can take longer), it may be time to rethink your repayment methods.
To get the full information about the Tenant Fees Act you can visit the Government website.