Landlords of properties in Wales are being reminded that the deadline for registration with the Rent Smart scheme is fast approaching.
According to the administrators, Cardiff City Council, around 75% of landlords have so far failed to register. Out of an estimated 100,000, only just over 25,000 applications have been received and any landlord not having done so by 23 November 2016 will be breaking the law.
The scheme aims to improve the quality of rental accommodation in the Principality, with registered landlords undergoing compulsory training in order to be licenced to let property. Failure to honour the regulations could result in fixed penalty fines, or even a criminal record.
Registration costs just £33.50 for on-line applications, irrespective of the number of properties being let, and the licence itself is valid for 5 years. Although the application only takes a few minutes, it can take up to 8 weeks to process. Of those who have already completed the training, 96% say it was worthwhile and will make them a better landlord.
Those landlords using a letting agent need not register, provided the agency itself has done so.
Green & Co run a bi-monthly landlord forum to keep landlords up to date with changes like the Rent Smart Scheme. Our next forum is being held on 30 November and will cover the announcements made by Philip Hammond in the Autumn Statement. To register your interest, please email firstname.lastname@example.org.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.