Why you SHOULDN’T Licence Yourself As a Landlord

Why you SHOULDN’T Licence Yourself As a Landlord

Why you SHOULDN’T Licence Yourself As a Landlord

A big topic that’s come up in a lot of conversations with our landlords lately, is the issue of licensing. Be mindful though, this is in ADDITION to registering with Rent Smart Wales.

The Housing (Wales) Act 2014 requires all landlords with property in Wales to register with Rent Smart Wales. This means that you, as a landlord, need to be licensed yourself. The alternative is to use a Newport letting agent that is already licensed.

Failing to register if you’re managing your property yourself or using an unlicensed agent who manages your tenancy for you, could result in a penalty fine from Rent Smart Wales.

Does this apply to me? If you answer yes to any of these questions, you need to comply with the registration requirements in Wales and register as a landlord:

  • Are you a homeowner of a property in Wales that you don’t reside in?

  • Is someone else living in that property and are they paying you to live there?

  • Is the property rented on an assured, assured shorthold or regulated tenancy?

So how do you register? Simply visit this page and follow the steps to register: https://www.rentsmart.gov.wales/en/landlord/landlord-registration/

Now for the curveball, in addition to registering with Rent Smart Wales, if you’re  managing the tenancy yourself, you need to get a license to do so. If you’re undertaking any of the following activities you need to get a licence ASAP:

Landlord Letting Activities:
  • If you’re showing prospective tenants your property in the form of a viewing.

  • If you’re referencing, interviewing or conducting credit checks on potential tenants

  • Organising or creating the tenancy agreement

  • If you’re preparing or arranging for someone to prepare an inventory of the property

Landlord Property Management Activities:
  • If you’re collecting rent;

  • If you’re the only point of contact for your tenant

  • If you arrange for repairs to be carried out at the dwelling

  • If you arrange secure access with the tenant or occupier of the property

  • If you check the contents and condition of the property as a part of a current tenancy or the end of a tenancy

  • If you serve notice to terminate a tenancy

Not sure how to register? Simply click here and follow the steps: https://www.rentsmart.gov.wales/en/landlord/landlord-licensing/

Now there are some substantial costs involved in all of the above. Now ask yourself, do you REALLY have time to go through all this hassle?

A simple alternative is to get a local letting agent in Newport that know the legislation and requirements and who is already licensed!

Call us today if you have any issues with licensing or want to get a free valuation: 01633265222

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