LETTING & ESTATE AGENT

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Rent Smart Wales introduced Autumn 2015

Rent Smart Wales introduced Autumn 2015
You may or may not be aware of the recent change in legislation to the Housing Wales (Act) that comes into effect this autumn.  This new law passed that has been passed will require all landlords within the private rental sector to become registered and licensed via a new scheme called Rent Smart Wales.



Rent Smart Wales aims to raise the standards in the private rented sector in Wales and will be operated by Cardiff Council on behalf of all local authorities in Wales.


It is intended that the new legislation will result in:

.Improved standards of letting and property management practice in the private rented sector

.More information on landlords available for tenant verification and for local authorities to assist with strategic intervention and dissemination of information

.Raised awareness by landlords and agents of their respective rights and responsibilities, in turn, raised awareness by tenants of their respective rights and responsibilities


What does this mean for you?

From autumn 2015, every landlord and agent must become registered and licensed via Rent Smart Wales. This will mean that:

.All private landlords who have a rental property in Wales must register themselves and the addresses of their rental properties in Wales.  There will be a cost to the registration which is yet to be confirmed but we believe that it is currently being discussed at £50 for the registration and £10 per property

.Landlords who undertake defined letting or property management activities at a rental property in Wales must apply for a license. If a landlord instructs an agent to do such work on their behalf, it is that agent who must become licensed


.In order to get a license a person must be adequately trained, and also declare themselves 'fit and proper'

.Licensing and training will be offered through Rent Smart Wales or people can choose to attend Rent Smart Wales approved training courses delivered by other bodies.  There will be a cost to obtaining the license which is yet to be confirmed but we believe is being discussed at £100 and will be renewable every 5 years.  Landlords with larger portfolios are likely to have to pay more to be licensed.  This is not to be confused with HMO licensing and a there will be a fee for continued registration every 5 years


.Failure to comply within the scheme, registration or licensing may result in a hefty financial penalty



How can Martin & Co help?


We are experienced property professionals and have been keeping a close eye on the developments of Rent Smart Wales since July 2012.  By the time the scheme comes into effect it is our aim to have every member of the team and the office compliant with the new legislation.
 

.If you are not in a position to obtain the necessary licensing yourself then we can help with both the registration of the properties and the property management.



What do I need to do?

This new legislation is mandatory to all landlords within the private rental sector.  Non compliance will most likely result in a hefty financial penalty.  It is important that you begin making plans to ensure that you are ready for when the scheme comes into effect.  If you are not in a position to do this yourself then make sure that you have got an agent acting on your behalf that compliant.

Over the coming weeks we will provide you with regular updates as and when we get them until the new scheme comes into effect


To ensure that you are kept fully up to date our Martin & Co Cardiff website will be updated with latest information and for those who are on Twitter and Facebook the profiles will be updated regularly  @martincocardiff and facebook.com/MACcardiff

If you have any questions or information requests please contact mike.shrubshal@martinco.com or on 02920 482250