Did you know that all landlords with properties in Wales must now be registered under the new Rent Smart Wales regulations?
All rental properties must be registered and all self-managing landlords must obtain a management license if they continue to manage their property or portfolio of properties.
Who is a landlord?
Anyone who rents out a domestic property in Wales on an assured or an assured shorthold tenancy (under the Housing Act 1988) or a regulated tenancy (under the Rent Act 1977) is considered a landlord under the Rent Smart Wales policy.
This does not apply to people who have lodgers sharing their homes, people with holiday lets, people renting out mobile homes, house boats, static caravans, people renting out commercial properties, organisations registered to rent out licensed lets such as student accommodation, or social housing landlords.
The rules also apply to people who are joint landlords, a lead trustee for a rental property, or a company or charity renting out a domestic property.
Agents cannot register properties for landlords – registration must be carried out by the landlord at a cost of £33.50 per property.
Who is a licensed property manager?
Anyone who manages a domestic property must be licensed under Rent Smart Wales as an agent. This means they must be deemed a ‘fit and proper’ person to manage rental properties, without relevant criminal convictions, and must undergo training.
The training must be delivered by an authorised service provider and will cover statutory obligations, landlord responsibilities, tenant rights, legislation, regulation and best practice.
A landlord management license lasts for five years and costs £144.
Landlords who carry out any of these activities require a license:
- Arranging and/or conducting viewings with potential tenants
- Checking references, interviewing tenants, or making credit checks
- Preparing tenancy agreements
- Preparing inventories
- Collecting rent
- Being the principal contact point for tenants
- Arranging repairs or maintenance
- Checking the condition or contents of a property
- Serving notice to end a tenancy
How Fortis can help you…
We are licensed property managers under the Rent Smart Wales scheme.
Our expert staff can manage your property for you, rather than you having to undergo expensive and time-consuming training courses and pay for registration for yourself.
Our property managers will also help you:
- Advertise your property for let
- Vet and select the right tenants for your property – checking references, ensuring finances are in place
- Provide you with legally sound contracts
- Act as a single point of contact for your tenants throughout the duration of their tenancy
- Help you achieve the best rentals possible for your property
- Collect rent for you and ensure your tenants’ deposits are help in accordance with the rules
- Provide a rental guarantee scheme – meaning your property is always working for you
- Inspect your property to ensure it is in a good condition – flagging up potential maintenance problems before they become costly
- Oversee maintenance work – we can also recommend trusted contractors we use
Need help managing your rental property? Call our experienced team on 02920 561111.