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November 9

2016
by mydeposits
Rent Smart Wales – Are you ready?

Changes to the law in Wales mean that all landlords and letting agents must either register or license themselves and their properties with Rent Smart Wales by the 23rd November 2016, otherwise they could face penalties, including:

  • – A fixed penalty fine,
  • – The inability to serve a Section 21 Notice,
  • – Be served with a Rent Stopping Order, freezing all rent payments from the tenant.

There are varying levels of registration and licensing, depending on what role you play in the letting of property in Wales;

All landlords who rent out a property in Wales are required to register with Rent Smart Wales, and may also be required to become licensed.

Landlord Registration

If you are a landlord who rents out a property in Wales via a letting agent and you have no involvement in the tenancy, then you are not required to obtain a Landlord License, however you will still need to register with Rent Smart Wales.

As a landlord renting out a property in Wales, it is also your responsibility to make sure you use a letting agent who is fully licensed.

Full information about Rent Smart Wales and on registering as a landlord is available here.

Landlord Licensing

Self-managing landlords who let out a property in Wales on an Assured, Short Assured or Regulated tenancy agreements themselves, without the help of a letting agent, are required to obtain a Landlord License from Rent Smart Wales.

As part of obtaining a landlord license under the new regulations, you must undertake and provide evidence that you have completed an approved Landlord letting course, such as those on offer from the National Landlord’s Association (click here for more details).

For the full information from Rent Smart Wales about how to comply, click here.

Agent Licensing

If you let or manage properties in Wales on behalf of Landlords, then you are required under the new law to become obtain an Agent License.

It is important to note that this is not limited to companies acting as commercial letting agents, but also to family, friends and other individuals who manage the rental process on behalf of landlords.

To find out the full legal requirements as an agent operating in Wales, click here.

As the deadline to comply with the new legal regulations in Wales draws closer, make sure you are ready – the Rent Smart Wales website contains all of the information you need to comply.

For other legal updates relating to the Private Rented Sector in Wales, make sure you regularly check back to our “mydeposits Wales” page which will be updated in line with future changes to the sector that affect you.

 

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