Rent Smart Wales has been introduced in order to comply with the Welsh Housing Act 2014. Its purpose is to improve the standard of housing across Wales by making it a legal obligation for all landlords to be on a central register, whilst ensuring that anybody who manages a rental property is adequately trained and licensed to do so.
Rent Smart Wales registration is mandatory. You will not be able to legally let out your property if you are not licensed.
Who will Rent Smart Wales affect?
– Those self managing properties
Am I a Landlord, does Rent Smart Wales apply to me?
Landlord – a person who is entitled to the possession of the property (likely the property owner)
If you fit in with any of the following statements then the answer is yes!
– Do you own a property in Wales that you don’t live in?
– Do you allow someone else to live in that property (as their main residence), and do they pay you money to live there?
– Is the property rented on an assured, assured shorthold or regulated tenancy?
(Guidance taken from www.rentsmartwales.gov)
If you are just a landlord and not managing your property you need to let Rent Smart Wales know who is managing the property as they will need to be licensed.
However, if you take on any of the following tasks then you will also be considered as a self managing landlord and will need to apply for a license.
Am I a self managing landlord and do I need to be licensed?
– Arranging or conducting viewings with prospective tenants;
– Gathering evidence for the purpose of establishing the suitability of prospective tenants (for example, by confirming character references, undertaking credit checks or interviewing a prospective tenant)
– Preparing, or arranging the preparation, of a tenancy agreement;
– Preparing, or arranging the preparation, of an inventory for the dwelling or schedule of condition for the dwelling
– Collecting Rent
– Being the principal point of contact for the tenant in relation to matters arising under the tenancy
– Making arrangements with a person to carry out repairs or maintenance
– Making arrangements with a tenant or occupier of the dwelling to secure access to the dwelling for any purpose;
– Checking the content or condition of the dwelling, or arranging for them to be checked as part of a current tenancy or for one which has ended;
– Serving notice to terminate a tenancy
How do you register and become licensed for Rent Smart Wales?
All landlords will need to create an account on the Rent Smart Wales website and create an account and work through the online process so that they are able to complete the appropriate applications.
You will be required to register all of your properties that you are a Landlord of but you will only have to pay the registration fee once. This registration will last you 5 years before you will be required to re-register again. If any changes take place over these 5 years you will be expected to let Rent Smart Wales know. You can find out more information here.
If you are a self managing Landlord and look after the property yourself, you will also be required to undergo a course by Rent Smart Wales or by an approved course provider. Once your training is complete and your registration, application and fee has been sent to Rent Smart Wales, Rent Smart Wales will make a decision on whether they will grant you a license. You can find out more about licensing here.
How can Bluestone help you?
If you want to avoid becoming licensed, paying the licensing fee, undergoing training and managing the property yourself then you can always opt for a licensed estate agent to manage the property for you.
Bluestone are licenced with Rent Smart Wales and we offer a fully managed service for our landlords. Contact us today on 01633 841805 to discuss in more detail or read about our Managed Letting Service here.