The Welsh Government are planning to bring in the new landlord registration and licensing scheme during 2015 following the introduction of the Housing (Wales) Act 2014 according to a report on landlordzone.co.uk.
The legislation applies to all rental properties in Wales regardless of where in the UK the landlord resides. Landlords will need to register themselves and details of all of their Welsh properties. Those that fail to register could be faced with unlimited fines and even rent stopping orders.
Registered landlords will be licensed for five years, trained to manage a rental property and required to comply with letting and management standards contained within a Code of Practice. Non-compliance or breaches to the code could result in a license being revoked.
According to the article there are a number of exceptions including homeowners who have lodgers, resident landlords i.e. those who own a block of flats and reside in one of them, and those landlords whose tenants’ rental per annum exceeds £100,000.
If you own a rental property in Wales make sure you are aware of the new regulations for landlords under the new Housing (Wales) Act 2014 and how it will affect you (more information and pdf document: http://gov.wales/topics/housing-and-regeneration/legislation/housing-act/specific-elements/private-rented-housing/?lang=en ). Also check that your rental property is suitably insured with appropriate Landlord Property insurance cover. Click4quote.com specialise in this type of insurance so why not call us or get a quote online today.