Rent Smart Wales new code published

A statutory code of practice has been published by the Welsh Assembly as part of their Rent Smart Wales initiative.

The requirements are straightforward and fair, and things any decent landlord would already expect to conform to.

Following the code is part of the conditions required to obtain the mandatory licence required from the 23rd of November 2015 to let out residential property in Wales, although the Welsh Assembly have confirmed a 12 month grace period will be in place to allow landlords/agents to adjust the new Rent Smart Wales requirements.

Rent Smart Wales comes under the Welsh Assembly's Housing (Wales) Act 2014.

The key mandatory items within the new statutory code are the following

1, Any statements made about a rental property, whether spoken, pictorial or written, must be correct and not misleading.

2, The prospective tenant’s consent must be sought before seeking a reference or carrying out a credit check.

3, During any negotiations, and prior to any payment or expense, a prospective tenant must be provided with clear information on the following:

• The terms of the tenancy
• The length of the tenancy (if a fixed period)
• Any costs for which the tenant will be responsible
• The security deposit amount
• The  holding deposit amount, and the conditions and reasons for the deposit
• The total sum the tenant will be required to pay on signing the tenancy agreement
• Any tenant guarantor requirements, if applicable
• A list of possible payment methods
• The tenancy agreement signing arrangements
• A tenant needs to be given proper opportunity to read a draft or sample tenancy agreement 
• Any deductions from a tenancy deposit require clear evidence to support the value of a claim.​ ​

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