Rent Smart Wales – what every landlord needs to know! | Red Key Property Services
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Rent Smart Wales – what every landlord needs to know!

If you let out a property in Wales, big changes are on the way following the Welsh Government’s introduction of Rent Smart Wales. Get it wrong, and you could find yourself on the wrong end of a hefty fine.

From autumn 2015, new obligations mean that if you own or manage a house in Wales, occupied by someone other than yourself in return for a rent, this new law will almost certainly apply to you.

Says Jamie Langley, Managing Director of specialist letting agency Red Key Property Services, “The move is a very welcome one in that it might shake out some of the ‘bad apples’ amongst the landlords of the 184,000 or so properties in Wales currently being privately let and marring the reputation of the sector.

“But it will mean extra work for landlords, and we’ve already spoken to a number who have asked us to take over managing the property, rather than get involved in the extra paperwork and training it will involve.”

From this autumn:

  • all private landlords will be required to register with Rent Smart Wales. They will also have to register their properties
  • if a landlord wants to manage the property themselves, they must demonstrate they are “fit and proper” to hold a licence, and undertake training
  • alternatively, they will be able to appoint a licensed agent to manage the property on their behalf.
  • The Regulations allow the authority to charge a fee, although how much that will be is not yet known.
  • As part of the licensing arrangement, landlords will also be required to notify the licensing authority of any changes in circumstance – including the sale of a rental property.
  • There will be a “grace period” of 28 days for outgoing and incoming owners to notify the licensing authority of any change in ownership.
  • And if the new owner also plans to let the property out, he/she too will need to then apply for a licence if they do not already hold one.

You can find out more about the new regulations on www.rentsmart.gov.wales

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