Landlords in Wales have just two weeks to sign up for Rent Smart Wales, before the scheme becomes a mandatory requirement.
A new registration and licensing system, Rent Smart Wales represents a large change for the private rental sector. The scheme is intended to push up the quality of rental accommodation in the country and went live last year.
Rent Smart Wales requirements
The scheme obliges all landlords and letting agents to register their investment properties and to undergo training to gain a licence, should an investor wish to self-manage their property.
Now, only 2 weeks remain until the 23rd November deadline, after which it becomes an offence to either let or manage a property without the sufficient licence.
Designed to improve standards in the private rental sector in the principality, Rent Smart Wales offers training courses and information for landlords. In addition, it gives local councils a greater understanding of where properties are located.
Only 2 weeks left to register for Rent Smart Wales
Registration
David Cox, Managing Director, Association of Residential Letting Agents, observed: ‘The law means landlords in Wales-and those in the rest of the UK who own properties in Wales-need to register themselves and their properties with Rent Smart Wales, as well as being suitably trained and licensed to carry out letting or property management activities.’[1]
‘If landlords do not wish to get trained, they need to arrange for a trained and licensed agent to manage their properties on their behalf,’ he continued.[1]
However, concern is growing that a number of buy-to-let landlords and letting agents in Wales have not signed up for Rent Smart Wales.
Cox notes: ‘Given the 23rd November deadline for registration and licensing is only two weeks away, it’s concerning that it appears only about one quarter of agents are currently licensed.’[1]
‘If landlords and agents find themselves unlicensed when the deadline arrives on 23rd November, they will be unable to practice, so it’s important to act to soon to ensure the necessary qualifications and other regulatory requirements have been undertaken before then, in order to comply with the legislation,’ he concluded.[1]
[1] https://www.landlordtoday.co.uk/breaking-news/2016/11/deadline-looms-for-landlords-to-register-in-wales