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Lettings is an ever changing landscape with much new legislation being introduced, often on an annual basis. We will always keep our managed landlords up to date with any new legislative requirements and you can sign up to our newsletter. Our landlord guide covers a lot of the information you need to know. Here is a summary of the main pieces of legislation that affects landlords, though please note that this list is not exhaustive:
Since 23rd November 2016, all landlords must be either registered and licensed, or, registered and be using a licensed managing agent. If you are using ACJ on a managed basis, all you need to do is register yourself and your property on the Rent Smart Wales website
The registration costs £33.50 if submitting the application online.
Our Rent smart Agent reference number is #A2-000-00260 and our license number is #LR-97000-00060.
If you are managing the property yourself, in addition to the registration, you also need to obtain a licence. This involves completing training and sitting an exam. The fee for a landlord licence issued online is £144 plus the cost of the training.
Tenants’ deposits must be registered with a government-approved Tenancy Deposit Scheme. If you have selected a managed or rent guarantee service, this is only for your information and we will manage this process on your behalf, holding the deposit under our Tenancy Deposit Scheme (TDS) account
It is a legal requirement for landlords to place all deposits with either the “TDS”, DPS “The Deposit Protection Service ”, or My Deposits. Most let only landlords tend to opt for the free DPS service.
We will advise you further of your obligations on the valuation appointment. We will either need to protect the deposit for you, or you will have to provide proof of the deposit protection before we can release the Tenants deposit to you.
You must keep the structure and exterior of the property in good repair. This includes drains, gutters, heating, external pipes and installations for water, gas, electricity and sanitation (read more)
All gas appliances and pipes must be inspected and certificated by a GAS SAFE registered engineer every year. Deaths occur every year from non-compliant gas facilities, and if no inspection has occurred, the Landlord is considered responsible. We can arrange for GAS SAFE registered engineers to inspect at competitive rates (read more).
You must ensure that electrical installation and equipment won’t cause a danger to your tenants, and that it complies with the safety requirements of the 1994 Regulations. We can recommend suitably qualified electrical contractors to carry out an Electrical Installation Condition Report and Portable Appliance (PAT) Testing (read more).
All furniture and soft furnishings must be compliant with fire regulations. Any items that do not comply or do not have evidence of compliance, must be removed prior to the tenancy commencing (read more)
By law you must have an EPC in place before a tenancy begins and from April 2018, the EPC must be graded an E or above. We can arrange for an inspection to be carried out if you don’t have a valid certificate.
Landlords are required to perform a risk assessment for legionella bacteria. If you don’t do this you could be issued with a fine. It may be that you are deemed competent to carry this risk assessment out yourself, or we offer a service where we can complete it on your behalf for an additional cost. (read more)
Whether you live in the UK or abroad, the income you gain from letting a property, less the cost of certain allowable expenses, is subject to income tax. HM Revenue & Customs (HMRC) demands that all legal owners of the property individually declare the rental income using a Self-Assessment tax return.
If you live for more than six months outside the UK, then we are required by law to deduct Basic Rate Tax from the rent we receive on your behalf, and pay this to HMRC. However, you can apply under the Non-Resident Landlord Scheme for an exemption number which means that we can pay rent to you without deducting tax click here to apply and find out more from HMRC
Our NRL reference number is NA017285. We recommend that you take advice from your accountant or tax advisor before making any changes to your tax structures.
Whilst tenants will be responsible for insuring their own contents, remember that you should have specialist landlord insurance when renting out a property as landlords can face particular risks. Many house & contents insurance policies are not valid for letting. We can provide further information on our valuation appointment.
Arrange a valuation appointment with us…
ACJ Lettings have over 25 years’ experience letting property in the Penarth and Cardiff area.
If you have further questions about becoming a landlord with us, please fill out our online contact form.