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Rent Smart Wales
If you have a property in Wales that you let out you must now register with Rent Smart Wales, Landlord Licencing scheme.
Since 23 November 2015, all landlords operating in Wales must become registered**
Does this apply to me?
- Do you own a property in Wales that you don't live in?
- Do you allow someone else to live in that property (as their main residence), and do they pay you money to live there?
- Is the property rented on an assured, assured shorthold or regulated tenancy?
- If you answer yes to these questions you are a landlord and need to comply with the registration requirements in Wales.
Any landlord who has a rental property in Wales which is rented on an assured, assured shorthold or regulated tenancy is required to register. Depending on how a property is owned will determine who needs to register it. All registrations are done with Rent Smart Wales.
Landlords who are not involved in setting up tenancies and managing their rental properties do not need a license; however, they must use a licensed agent and register as a landlord declaring their agent on the registration. Landlords who do undertake letting and management tasks at their rental properties in Wales are required to apply for a license. Such landlords are often described as self-managing.
For more information go to Rent Smart Wales
Tariff of Fees
Full Management Service
Set up fee £295 (re-let within 12 months £199) Plus 10% of the rent collected
This is an inclusive service, there are no uplift charges for arranging maintenance, gas certificates or EPCs
Full Let - Landlord Managed Service
One month's rent (Minimum fee £350.00)
Mid-Term inspections - These should be carried out at least annually and our inspection will produce a comprehensive report on the condition of the property
Fully managed property - No charge
Non Lounge Letting Managed properties £250
Tenancy Renewal £40
Conducted viewings (included in full management service) £20ph plus 0.45pm
It is advised that Landlords who are managing their own tenancy should carry out their own viewings however this can be arranged with Lounge Letting if necessary
Making changes to Landlord Agreement £25
Drawing up Agreement (AST, Company Let) £150
Dealing with a deposit dispute £45 plus 10% of the claim
Serving notices on behalf of Landlord £30
Checking tenant out at end of Tenancy including reading meters and informing service providers Depending on location £60-150
Issuing Notice of Seeking Possession £50
Taking over Management of tenanted Properties £99 or no charge if the tenancy was originally arranged by Lounge Letting
Advertising only £99 Landlord provides all pictures and copy for the advert. Advert on Zoopla and related websites including the Lounge Letting website and mailing list.
Supervising Insurance inspections /surveyors etc After the 1st half-hour £20ph
Terminating Agreement after finding a tenant but before the start of the tenancy £199
Discounts available for Landlords with 3 to 10 properties
Portfolios of 11 or more properties will be considered and the price will depend on types of properties, location area, and tenancy types.
We do not currently charge VAT
Landlords, what can we do for you?
We want your Property business to flourish whether you own one property or a large portfolio, your success is our success. Let us manage or just let your property for you and we will help you navigate the ever growing legislative minefield in letting a property, reduce voids, deal with problem tenants and arrange routine maintenance.
Call us now on 01654 712470 or visit our contact page to discuss your requirements.
We currently protect all deposits with the Deposit Protection Service
Lounge Letting Client Money Written Handling Procedure
This document is to be taken as the Lounge Lettings written procedure for Handling Client Money. These written procedures are set forth to ensure compliance with UKALA Client Money Handling Procedure.
Handling of Client Money
Written Procedures As a member of UKALA we adhere to the Rules of Conduct and any other regulations as necessary by using the following procedures:
1. Have set up a separate bank account for clients' money.
2. Have the title of their Clients' money bank account easily distinguished from other accounts of their business.
3. Have in writing from their bank confirmation that all money is held by the business as an agent.
4. Have the banks written confirmation that the bank is not entitled to combine the clients' money account(s) with any other account or to exercise right of set-off or counterclaim against money in that accounting respect of any sum owed to it or any other account of the business.
5. Have and maintain systems and controls which enable you to monitor and manage clients' money transactions and any credit risk arising.
6. Have accounting systems and client data securely controlled and protected.
7. Obtain client's written approval to make payments from their account.
8. Bank all clients' money at the earliest reasonable opportunity.
9. Nominate authorised staff to handle money.
10. Ensure that records show any and all cash transactions.
11. Reconcile client accounts together with bank and cash balances at regular intervals in order to demonstrate control over the accuracy and completeness of accounting records.
12. Ensure there are always sufficient funds in the account to pay all amounts owing to clients.
13. Pay amounts owing to clients as they fall due without delay.
• Employees have clear segregation of duties and responsibilities and that a Principal or appropriately qualified individual oversees the client accounting function.
• It employs competent and knowledgeable staff who are responsible for processing clients' money and who are familiar with Client Accounting rules.
• Accounting systems and client data are securely controlled and protected.
• Computer systems are adequately protected for access, firewalls, back-ups and disaster recovery.
• There is adequate cover for holiday and long-term absence.
• Principals cannot and do not override controls surrounding the accounting system.
• All areas of the business apply the same level of controls in relation to the client accounting function.
Client Bank Accounts
• We hold clients' money in one client bank account separate from all other monies. Client money is available on demand.
• The bank account is correctly titled to include the name of the Firm and the word "client" to distinguish the account from an office or any other account.
• We have obtained written consent if the Firm is to retain interest. Client Accounting Systems and ensure that.
• Accounting records and systems are appropriate to the nature and volumes of client account transactions.
• Systems provide details of all money received into and paid from all client accounts and show a running balance of all client money held in that account
• Systems identify all receipts and payments to the client to which they relate; for example, by means of client ledgers showing cash balances held on behalf of clients at all times.
• Accounting records are completed chronologically and promptly.
• The current balances at the total and client levels are always available.
• All ledgers have the client name and an appropriate description, e.g. the property address.
• Overdrawn balances on client ledgers are prevented by the systems or controls in place and where they do occur are investigated and rectified immediately.
• Adequate controls are in place over unidentified client money to ensure that such funds are kept securely. The client should be located and reimbursed as soon as possible. Such funds held for more than six years may be donated to a registered charity.
• A central list of client bank accounts is maintained including dates of opening and closing of accounts.
• A reconciliation is completed at least once every month where clients' money is held in a general client account. This is produced as a formal statement and any unresolved differences or adjustments are fully investigated and explained. Any errors identified in the reconciliation process are promptly rectified.
• Reconciliations are reviewed and signed off by a Principal or an appropriate independent senior member of staff.
• Client accounting records, including copies of reconciliations, are securely kept for at least six years plus the current year.
Controls over the payment ensure that:
• Checks are made to ensure that sufficient funds are held on behalf of the relevant client before payments are made.
• A copy of the bank mandate is held and is up to date.
• Adequate authorisation and supervision procedures are in place for payments made by cheque, bank transfer and electronic methods.
• All payment requests have supporting evidence and that documentation has been authorised in advance by a Principal or other appropriate person.
• Effective controls are in place over the setting up of new supplier accounts on the system.
• Cash payments are avoided.