Tenancy Deposit Scheme (TDS) has updated its Tenant Fees Matrix, initially introduced in 2019, with a view to simplifying the most important points in the Tenant Fees Act 2019 in England and the Renting Homes (Fees Etc.) (Wales) Act 2019 in Wales.
The latest update of the TDS Tenant Fees Matrix includes the most recent stages of the Welsh tenant fees legislation roll-out. It features the 28th February 2020 holding deposit update under the Renting Homes (Fees Etc.) (Wales) Act 2019 and the latest Renting Homes (Fees etc.) (Prescribed Limits of Default Payments) (Wales) Regulations 2020, which came into force in Wales on 28th April 2020.
This most recent roll-out in Wales refers to charges for keys (or security devices), locks and prescribed limits for failure to pay rent.
From yesterday (28 April 2020), landlords and letting agents in Wales will only be able to charge for the replacement of keys and for the changing, adding or removing of a lock, which will need to be supported with a receipt or invoice as evidence of the cost.
Landlords are still permitted to charge interest for late rent but only after seven days, which differs to England where charges can only be made after 14 days.
Debbie Davies, head of sales and marketing at TDS, said: “These differences between the two Acts highlights the need for the Tenant Fees Matrix. It provides a useful and easy-to-reference tool for landlords and letting agents who operate across the borders of England and Wales, and it helps them to remain compliant with both pieces of legislation.”