Rent Smart Wales Launches
Yesterday saw the launch of Rent Smart Wales, yet another piece of legislation for landlords and letting agents.
Landlords and letting agents have a year to register before they become liable to pay a £5,000 fine. There has been concern that the scheme has not been particularly well advertised, with most of those affected unaware of the change.
While it currently only applies to those who manage rental properties in Wales, it is thought that those in charge of the housing in the rest of the UK will be watching carefully, and the scheme may be used as a ‘template’ for further afield.
The costs of the licencing have also only just been disclosed, and the licence for a letting agency, no matter what size, is currently a hefty £3,728 for a digital application, and an even more prohibitive £4,368 for paper application.
This doesn’t include any of the training costs, which are an additional £140 per person.
Welsh housing minister Lesley Griffith yesterday said: “I am proud Wales is leading the way on improving professionalism across the private rented sector. Our new, landmark scheme will drive up standards by making Wales the first country in the UK where managing landlords and agents are required to undertake training to ensure they are clear on their responsibilities.
“The changes will prevent rogue, and even criminal, landlords and agents from being involved in the management and letting of properties. This will help to protect tenants in the private rented sector – including students, lone parents and young families.
“Rent Smart Wales will also support good landlords and agents by helping them keep abreast of their responsibilities and legal obligations, and raising the reputation of the sector as a whole.”