In short, if you currently let a property to tenants, you need to take action. This applies whether you manage properties yourself or not.
You need to determine whether you simply need to register with Rent Smart Wales, or whether you need to register and be licensed.
If you use a managing agent and do not involve yourself in the setting up of tenancies or day-to-day property management, you will only need to register.
This is a simple process and costs £33.50 if done online, or £80.50 if done on a paper application form. Registration lasts 5 years.
If you find tenants yourself or use an lettings agent for a tenant-find service, and take care of the day-to-day property management yourself, you will need to register and be licensed.
If you haven’t already been on the Landlord Accreditation Wales training course, you will need to do landlord training before being granted a licence. Currently, the required training can only be attained by attending a one-day course in person, but there will be online training available in the New Year.
Excluding the cost to undertake the training, the landlord licencing fee is £144 if done online, or £186 if done on a paper application form. However, applying on paper isn't available until the New Year. Licences last for 5 years.
For detailed information on the introduction of Rent Smart Wales, we first suggest you read our previous two articles on the topic Rent Smart Wales is coming and Managing landlords forced to pay for new licensing and registration.
Additionally, the scheme’s frequently asked questions should answer most, if not all, of your queries.
Here at CPS Homes, we’re more than happy to advise you on the steps you need to take in order to comply with the new legislation.
If there’s anything at all we can help with, please don’t hesitate to contact Nikki Lewis via email@example.com or 02920 574731.