Welcome to McCartan Lettings latest newsletter, keeping you informed of all the latest information on the lettings industry.
General
With less than a week to go before the start of the new financial year, Landlords need to start planning to deal with the many tax changes coming into effect next week and that will directly affect them.
The first of the changes to the wear & tear allowance will affect every landlord with a furnished rental property.
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We are almost 6 months into the 12 month grace period where Landlords with property in Wales are required to be registered and if they manage their own property, require a licence. Part of the application process for a licence is to undertake training. In this article we have listed the approved training providers by Rent Smart Wales and some of the up and coming training dates for the Swansea area.
Online training should be available within the next few months for those Landlords who live away or unable to travel, as soon as we have confirmation this is live we will be letting you all know.
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If you own a property in Wales which you rent out, even to a family member or friend and do not use the services of a managing agent, this law will apply to you.
You will need to obtain a licence if you are a landlord with properties to let within the private rented sector and you carry out any of the following activities:
•Sourcing tenants; and arranging and conducting viewings
•Tenant referencing including credit checks and interviews
•Preparing a tenancy agreement and property inventories
•Collecting rent
•Acting as the first point of contact for tenants under the tenancy agreement
•Making arrangements to carry our maintenance or repairs
•Carrying out property checks to check on conditions
•Serving notice to end a tenancy.
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Landlords and property investors are faced with more uncertainty in the industry this week with the Government’s announcement that they are planning on reducing buy-to-let (BTL) mortgage approvals by 20%.
The Bank of England’s Prudential Regulation Authority says that this should reduce buy-to-let approvals by between 10% and 20% by 2019 in order to reduce the risk of another ‘property bubble’.
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On Sunday, 20th March, Hannah McCartan, Managing Director of Swansea-based McCartan Lettings has completed the challenging Sainsbury’s 2016 Swim Yourself Proud Swimathon – the world’s largest fund raising swim.
She completed her swim in 1 hour, 6 minutes and 39secs which was 10 mins better than her previous personal best and raised in excess of £600 for Sport Relief.
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