Rent Smart Wales, What Every Wrexham Landlord Needs To Know !

Wrexham Landlords Face Huge Fines and Penalties For Not Registering Their Rental Properties

'’What is Rent Smart Wales’’ and ‘’how does it affect me?’’ Landlords across North Wales have been calling me over the last few weeks to find out about this new law and to ask ‘’what do I need to do?’’. There’s no two ways about it, Rent Smart Wales [RSW] is coming and there will be penalties for those Landlords who;

* Do not register themselves as Landlords

* Do not get licensed OR do not employ a Licensed Letting Agent

The Consequences For Not Registering And Arranging The Licensing For Your Wrexham Buy-To-Let Property

• Being declared as NOT fit & proper
• You will not be allowed to manage your own rental property
• Revocation of registration for providing false or misleading information
• A fine which has yet to be determined

Rent Smart Wales in Wrexham.. what YOU NEED to know !

As part of the new rules landlords must register themselves and declare ownership of any properties they partly, jointly or solely own. The administration for the licensing has been granted to Cardiff Council, and there is a four stage process to licensing;

Step 1 – Complete an on-line [£33.50] or paper [£80.50] registration form; to declare ownership of any properties that you own

Step 2 – Employ a licensed letting agent OR book onto a training course [from £20 on-line or £100 to attend a day course]

Step 3 – If you have employed a licensed letting agent you can now take a step back OR you must now complete a Landlord OR Agent license application form & pay the appropriate fee [A landlord license is £144 if bought on-line or £186 if done on paper]

Step 4 – Sit back & let your agent take over OR receive a 5-year license to manage your rental properties.

A license is required if a landlord does ANY of the following things themselves:

• Arranging or conducting viewings with prospective tenants
• Referencing prospective tenants
• Preparing or overseeing the arrangement of the tenancy agreement
• Preparing, or arranging the inventory or schedule of condition

OR

• Collect / receive rent
• Are the principal point of contact with the tenant
• Make arrangements with a person to carry out repairs
• Check the contents or condition of a property, as part of a current tenancy or one which has ended
• Serve notice to terminate a tenancy

Wrexham Landlords Still Have Time To Act

There is still a little bit of time to act as the date for becoming licensed is set at 23rd November 2016 however, beware that the process can take up to 6 weeks depending on where you complete your training.

Steps you can take to comply with the new rules:

1 – Read all about the new RSW rules here: https://www.rentsmart.gov.wales/en/

2 – Complete your initial landlord registration ASAP

3 – Employ a licensed Letting Agent, they will be able to guide you through the process and ensure you are up and running before the deadline

To find your local Rent Smart Wales Licensed Agent call Craig Swire – your local property expert.

Tel: 01978 799 588          Mobile: 0787 237 6768                                              E-Mail: info@HelpMeRent.co.uk