These changes will come into force in 2016;
1. REGISTER: You will be required to register yourself as a landlord and provide a list of each of your properties to your local authority. There will be a cost associated with Registration. Please check the Rent Smart Wales Website for prices. (Website information below). Please note that if you do not register, you could face a fine of up to £1,000.
2. LICENSE: If you self-manage your properties, you will have to obtain a license. In order to obtain one, you will have to do the following:
- A fee is to be paid for your license (please visit Rent Smart Wales Website for prices)
- Pass a Fit and Proper Person Test
- Adhere to a Code of Conduct.
- Attend and pass a one-day training course
- You will be issued a membership identification number, which you will be required to display on all property letting-related documents.
- Your license is valid for 5 years.
3. LETTING AGENTS will face the same Licensing and Accreditation requirements of Landlords in order to continue operating as Agents. If you do not wish to obtain a License, you have one of two options:
- Not let out your Property. If you do so without a License, you will be committing a criminal act. Local Authorities are also endowed with the power to issue a rent stopping order for "illegal" tenancies, i.e., if a Landlord lets out a Property without a License.
- Unlicensed Landlords who let out their Property, could also face financial penalties determined by the Courts, i.e., unlimited.
- Enlist the services of a Property Management Agency to oversee the Management of your Property.
FURTHER DETAILS PLEASE VISIT THE RENT SMART WALES WEBSITE HERE