Are you a landlord? Are you aware of the newly-introduced Rent Smart Wales landlord registration and licensing scheme, I’m here to help landlords comply with the new legislation that has been introduced by the Welsh Government.
There are so many legal obligations put in place by the local authority and Welsh Government in recent years, many landlords have decided instruct a letting agent to manage their properties on their behalf.
Instruct a letting agent to manage your property and the agent can:
- Save the cost of a landlord licence and the hassle of ongoing training.
- Can act as a buffer from the questions and demands of the local authority and Rent Smart Wales.
- Address any issues or problems via our designated Inspections Team.
- Have dedicated, trained lettings & accounts department at your disposal.
- Can provide ongoing professional advice on how best to maximise your rental income moving forward.
- Provide you with peace of mind via thier Client Money Protection (CMP) policy, professional indemnity insurance, and redress scheme membership.
- Reassure you that the required numbers of staff have undergone the required licensing training
What is Rent Smart Wales?
Launched on 23rd November 2015, Rent Smart Wales is the product of the Welsh Government’s bid to “improve the image” of the private rented sector and to raise the standard of landlords and their rental accommodation.
The legislation now requires every landlord of a rented property in Wales to register with the scheme, while those who self-manage must also obtain a licence, obtained by sitting an exam and proving themselves as a “fit and proper person.”
The two main requirements for landlords:
- Registration. 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.
- A licence. If you carry out any tenant-finding or day-to-day property management-related duties – a full list of which can be found here – you must be licensed. However, if you use a managing agent, then it’s the agent who must be licensed.
As you may or may not be aware the government is also looking to phase out the mortgage interest relief on buy to let properties, meaning this can no longer be accounted for each year. Many landlords are now deciding to instruct a letting agent to manage their properties as the fees are tax deductible. As many Landlords would rather be paying for a service (to reduce their tax liability) rather than simply paying out more in tax and getting nothing in return.
Feel free to contact me if you have any queries or concerns regarding any of the above – I’m here to help!