New Laws For Landlords
Important new laws are set to be introduced in autumn 2015 which will place a legal duty on all landlords to be registered. Further, landlords and agents will be legally required to obtain a licence when carrying out specified letting and managing activities.
Subject to limited exceptions, all private landlords must register with the designated licensing authority through the new ‘Rent Smart Wales’ scheme from autumn 2015. Landlords will complete one process, pay a fee and receive one registration number. The form, content and cost of the registration has yet to be finalised.
A landlord will not be able to undertake any letting or management activities unless they obtain a licence or arrange for a licensed agent to act on their behalf for those activities. Agents will also need to apply for an appropriate licence.
The licence application will be made to Rent Smart Wales. The licensee must have undertaken appropriate training (yet to be finalised). The cost of obtaining a licence and the precise training landlords and agents will need to undertake will be confirmed by the Welsh Government in due course.
Penalty for non compliance
One year after the implementation of the requirement to register and obtain a licence, landlords and agents found to be ignoring their new obligations will have action taken against them which includes prosecution in the Magistrate’s Court (fine levels will vary).
Fundamentally, given the implication of non compliance, it is crucial that all landlords and agents who rent out property in the private rental sector in Wales are aware of these significant new laws and take active steps to comply with them.
For up to date information subscribe to email alerts on details of the legislation as and when it becomes available on the Rent Smart Wales website: www.rentsmart.gov.wales