You may be aware, from recent press reports that there are new laws coming into force which will affect the rights of landlords and tenants. The Renting Homes (Wales) Act comes into force on 1st December 2022.
If you rent residential property, then you need to be aware of these changes and how they will affect you.
- On 1 December 2022, all existing tenancy agreements in UK will automatically convert to an occupation contract.
- You or your agent will need to draw up a written statement to use for new occupation contracts from 1st December.
- There are changes to the way in which you can end a tenancy agreement. The ‘Section 21 Notice’ will no longer exist and you will need to comply with Section 173 – Renting Homes (Wales) Act 2016 of the new legislation.
- There is no statutory right for a tenant to be allowed to keep pets, but you cannot unreasonably refuse a request
- There are also new regulations related to smoke alarms, carbon monoxide alarms and electrical safety in rentals.
More information is available on the gov.wales website here.
If you are currently renting residential property or considering investing in the buy to let market, then you need to consider these changes carefully.
Still looking to invest in property?
Have you considered other options such as Airbnb or other short let platforms? “Many are now selling up their stock or moving over to the holiday let. In fact, between 2018 and 2019 and 2021, Wales has seen over 4,500 private landlords leave the sector” – Rent Smart Wales.
Get in contact with us today to find out more.