4 Things every landlord in Wales should know
At James Douglas Sales and Lettings, we recommend landlords to follow the latest industry news and ensure they meet all the rules and requirements for rental properties. Read our essential checklist on what every landlord in Wales should know.
1. Monitor the property market in Wales
This can help you learn more about how to manage your rental property and provide you with a general guideline for the listing price. Additionally, you’ll be far more aware of the competitors and market developments.
We advise combining online and offline sources, such as the following:
Rent Smart Wales: Licensing body in Wales in which persons who rent out or manage rental properties in Wales must adhere to their obligations under the Housing (Wales) Act 2014 and offers guidance on doing so in healthy and safe conditions.
James Douglas Sales and Letting News: News, advice and market updates for landlords, property investors and property professionals.
2. Make sure your property satisfies all requirements
Is the property safe for tenants to occupy, lawful, and livable? Landlords have to make sure to keep updated for the latest requirements and make sure to keep an eye out for new legislation taking effect on 1st December 2022 in regards to Renting Homes Wales.
- Gas Safety (Installation and Use)
- Carbon monoxide and smoke alarms
- Electrical Safety Regulations for Private Rented Housing
- MEES and EPC (Energy Performance Certificate) (Minimum Energy Efficiency Standards)
3. Recognise HMRC tax laws as a landlord
It’s crucial to note that there are various tax laws for landlords depending on the sort of property you own. As a result, you should register with HMRC before receiving rent payments into your bank account. To ensure you’re following all known legal requirements, check out the HMRC website’s “Help and Support For Landlords” section.
4. Verify if your local council requires any particular licences.
Before you rent out your property in Wales, check with your local authorities, such as the City Council, to see if any additional licences are required. In addition to the previously specified requirements, certain councils will also have additional necessary rules.
For example if you are letting a property in Cardiff some areas, such as Cathays and Plasnewydd have special licensing requirements if you have a Houses in Multiple Occupation (HMO).
We can assist you in comprehending all the rules and requirements your home must satisfy as a landlord in order to be rented out. Contact a member of our staff today. Please contact our staff at James Douglas if you need any assistance with renting out your property.
