RENT SMART WALES
A new law has been introduced in Wales which applies to all landlords and agents of private residential property. If you own, rent out or manage a rented property then this law will impact on you.
In order to comply with this new legislation, all landlords and agents must become registered and licensed via Rent Smart Wales and they will have 12 months from 23 November 2015 in which to comply with the new legislation.
The aim of the legislation is to improve standards of letting and management practice in the private rented sector and to raise awareness of landlords’, agents’ and tenants’ rights and responsibilities.
In order to become licenced a landlord or property manager will be required to gain a qualification to become an accredited landlord. It will be an offence for anyone to manage a property if they are not licenced and could result in a fine.
Only the landlord can complete the registration - an agent cannot register on behalf of a landlord. This is because the person completing the registration has to verify that the information being registered is correct. A landlord registration costs £33.50 if completed on-line and £80.50 for a paper application. This fee is regardless of how many properties you let out in Wales.
Every landlord is required to obtain a licence and attend a compulsory training course. The licence fee is currently £144.00 (for 5 years) but if a landlord instructs an agent to manage a property/properties on their behalf, it is only the agent that must become licensed and the licence fee is then not applicable to the private landlord. The landlords of the properties that we currently manage will not have to obtain a licence as this is part of our full management service.
Some private landlords will chose to become licensed themselves, or some may instruct a licensed agent to manage and let their properties.
OUR EXISTING CLIENTS (full management service) – Here’s what we can do for you:
- Registration can be completed online – should you require our assistance an appointment can be arranged for you to visit the office and we can help you with the online application.
- It will not be necessary for you to obtain a licence. As we manage your property/properties we will become licenced as an Agent and this will be included in the full management service. You will be required to provide Rent Smart Wales with our details.
IF YOU ARE NOT AN EXISTING CLIENT AND WISH TO TAKE ADVANTAGE OF OUR FULL MANAGEMENT SERVICE PLEASE CONTACT US ON 01758 701100 OR VISIT THE OFFICE FOR FURTHER INFORMATION.
More information about Rent Smart can be found at https://www.rentsmart.gov.wales/en/
Stamp Duty Information - NEWS
If you buy a property for more than £125,000, you pay Stamp Duty Land Tax (SDLT). The amount payable depends on the purchase price of the property.
From 1st April 2016 there is an additional 3% stamp duty on all buy to let purchases and on the purchase of a second home.
For more information, please refer to Stamp Duty Information
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