Rent Smart Wales – the scheme which ensures that landlords register under the new Housing (Wales) Act 2014 – has been in full force since November 2016. It started in earnest back in 2015 but there was a 12 month lead in period for landlords to register. So what is Rent Smart Wales and how has it impacted the rental industry?
Here are Cavendish Rentals 5 things you need to know about Rent Smart Wales:
1.The main aim of the scheme is to prevent rogue landlords
The scheme has been set up help to increase tenants’ confidence in their landlords. Landlords and agents letting and managing properties poorly or illegally will lose their license. The scheme also raises awareness of the respective rights and responsibilities of landlords, agents and tenants and local councils will work closely with them to maintain high standards.
2.There are two types of requirements – registration and license
This is for any landlord who owns a home under tenancy but doesn’t carry out property management duties. As a landlord, you must register with your name, address, date of birth, e-mail address, telephone number and addresses of every property you let out in Wales.
If you carry out any tenant-find or day-to-day property management-related duties you must be licensed. However, if you use a managing agent, then it’s the agent who must be licensed.
Those who self-manage must also obtain a licence or decide whether to hand over management of their property to a licensed agent.
3.Registration is valid for five years
Upon expiry, a new registration must be made, along with payment of a new fee. If your contact details or your property portfolio change, you are required by the local authority to update your record.
4. Landlords who self-manage their property portfolio in Wales must apply for a licence in addition to having to register.
If you undertake landlord letting activities like viewings, or property management tasks like carrying out maintenance then you will need a license to carry on these tasks. Only one licence is required, regardless of the number of properties you manage.
5. Landlords must undertake relevant training before being granted a licence
Rent Smart Wales offer their own training – which is a one-day course at a cost of £100 per person – but alternative training via authorised providers is also valid.