Letting in Wales – The pain of going through such a load of red tape?

Letting in Wales – The pain of going through such a load of red tape?

9:49 AM, 20th January 2022, About 4 months ago 8

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I only have two small terraced properties that I am letting in Wales, but this year big changes are looming in July. Letting contracts have to be changed, but the big one is the Fit for Habitation rules, which are ridiculously extensive with open-ended means to verify most of the huge wish list.

From ventilation to insulation to draughts for benefit of condensation conflicting with sealing everything for energy conservation. Even hints that if lead solder was used in the water supply, it all needs replacing.

We are back to the same arguments about 5 yearly electrical inspections, but the difference to England is it seems they have to be done by a qualified and registered electrician, and it seems electrics have to meet current standards not the standards in place at the time of build. You can literally feel the glee of the local electricians, who will have a field day.

I’m seriously thinking of selling up. Not because my properties are going to be problematic, but it’s just the pain of going through such a load of red tape, and we all know it’s designed to clobber the minority of really bad landlords who run slums, but we all have to suffer the consequences of the process.

John



Comments

by DSR

10:22 AM, 20th January 2022, About 4 months ago

I can only add that you are not alone in this at all!

With the 160 plus pieced of legislation to adhere to and that as a LL you are responsible in the eyes of the law in totality no matter what professional you employ (from a letting agent/electrician/gas engineer) then why would anyone do this?

Like many on here I guess properties were purchased many years ago when there was less legislation etc. While I still don't think that all this legislation has made any real difference to getting rid of bad landlords and rising standards (although the excuse always is it does!), the 'blame' culture is here to stay now - so its a case of red tape all the way.
Stay in and run the gauntlet from all angles - council, tenants etc, or ship out and just be rid of the grief. A very sad state of affairs for genuine LL's trying to look after themselves, their assets and their tenants.

by moneymanager

12:45 PM, 20th January 2022, About 4 months ago

Reply to the comment left by DSR at 20/01/2022 - 10:22
" While I still don't think that all this legislation has made any real difference to getting rid of bad landlords"

Regulation of any sort affects the compliant most harshly; as financial services self-regulation was coming in (LAUTRO, IMRO, Finbra) was just getting going I said that the regulators would only be happy when no one bought anything (and certainly not geenerally with advice) but they would do so compliantly, the extent of under insurance is increasing,

by Eddie Blower

20:18 PM, 20th January 2022, About 4 months ago

Reply to the comment left by DSR at 20/01/2022 - 10:22
I have had an apartment in Wales which I have let with the same property agent for ten years. I feel now is the time to let go as the legislation coming in from July is so complicated. The current tenants have a short term lease which will roll over in March. I am hoping that I will be able to give them six months notice then without having to cope with what is coming in July.

by SuperHarrygeorge

8:22 AM, 22nd January 2022, About 4 months ago

I agree . This has really put the wind up me . Rent Smart Wales do not seem to be very knowledgable when I rang them. The email I had from them with the massive amount of new legislation Which I forwarded to my Estate Agent, had no knowledge of this up and coming Red Tape . Once again Landlords are effectively losing any control or ownership of their own properties which is nothing short of sequestration in my view . I too am considering throwing in the towel . At 73 this is done I can do without as my investment is now a mill stone around my neck .

by SuperHarrygeorge

8:23 AM, 22nd January 2022, About 4 months ago

I agree . This has really put the wind up me . Rent Smart Wales do not seem to be very knowledgable when I rang them. The email I had from them with the massive amount of new legislation Which I forwarded to my Estate Agent, had no knowledge of this up and coming Red Tape . Once again Landlords are effectively losing any control or ownership of their own properties which is nothing short of sequestration in my view . I too am considering throwing in the towel . At 73 this is something I can do without as my investment is now a mill stone around my neck .

by SuperHarrygeorge

12:51 PM, 22nd January 2022, About 4 months ago

Reply to the comment left by Eddie Blower at 20/01/2022 - 20:18
It would seem the notification of this new legislation was timed in such away that any 6 months notice overlaps July 15th . New ‘contracts’ will need to be in place I assume by then . I think this is going to reduce the private rental sector as landlords will be worried about what is on the cards down the line ! Thankfully I have really good Tenants but bad,Tenants will in my view, be a nightmare for Landlords trying to regain possession of their property.

by Paul Chetwyn

9:37 AM, 23rd January 2022, About 4 months ago

Totally agree, I sold an apartment last year with a £35.000 loss lots of reasons beyond my control but one was rent smart Wales taking money off you but had no answers to problems when you called them, and I could only imagine it would get worse in Wales and I was obviously proved right.
The only regret was that my lovely tenant of 13 years had to move on, but we worked together through the whole process and I rewarded her as well.
I am now stress free of any problems relating to rentals in Wales.
I say all sell up and then see where that leaves the powers to be in finding housing for people, the only problem with that is the lovely tenants that would be made home less, I don’t want that to happen, my tenant was in agreement that I needed to sell for my own health reasons and she was prepared to move on, what a lovely tenant and friend she is.

by SuperHarrygeorge

21:16 PM, 23rd January 2022, About 4 months ago

Reply to the comment left by Paul Chetwyn at 23/01/2022 - 09:37
This may be the route to go. I too have lovely tenants but my health is going down hill and this new legislation is accelerating it.
The Welsh Government have gone a step too far in my opinion . If compensating my Tenants is legal then this is an option and move in myself.
No one in their right mind will jeopardise their capital if they have more and more rights taken from them. Landlords are being pushed to the limit and those who need to rent are going to be the losers in the long term.


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