If you are a landlord with property in Wales you will hopefully be aware of a looming deadline for registration.
Those who aren’t aware may be hit by some heavy financial penalties such as unlimited fines and rent stopping orders. So what is this new obligation for landlords in Wales and what do you need to do to make sure you comply?
Landlords and property investors have certainly been hit with more than their fair share of extra costs and those owning buy to let property in Wales will soon be faced with more if they haven’t registered with Rent Smart Wales.
The obligation to register has been in place since 23 November 2015 and landlords will have until 23 November 2016 to complete the registration.
The legislation applies to anyone who owns a property and rents it out to tenants in Wales and applies to landlords who live in England as well as Wales.
While estate agents will already be well aware of the requirement the explosion in buy to let investment in recent years means that a large proportion of landlords will be self-managing and it is in these cases that there is a lack of awareness.
According to an article on the National Landlords Association website, only 1 in 10 landlords in Wales are legally compliant. This may have significant consequences for those landlords who leave it too late or fail to take the threat of fines and potential bans from letting property seriously.
Registration for private landlords is a relatively simple two stage process if you do it online which involves the following.
1. Visit the Rent Smart Wales website fill in the application and make a payment of £33.50.
2. You can also book training which is required to obtain a license. The National Landlords Association is offering training throughout Wales in the run up to the November deadline listed below. The price for the one-day course is £135.00.
Swansea Tuesday 13 September
Cardiff Monday 17 October
Llandrindod Wells Tuesday 25 October
Wrexham Wednesday 26 October
Aberystwyth Thursday 3 November
Newport Friday 4 November
If you are concerned that you may not be able to attend a course to gain a license or wish to hand over the management of your property to an agent we can help remove the hassle. Simply give us a call on 01244 343355 for more details.