The Renting Homes (Fees etc.) (Specified Information) (Wales) Regulations 2019
This email only effect those renting properties in Wales
New regulations had been laid before the National Assembly of Wales on 12 November 2019 and was due to be enforceable as of 13 December 2019. However, thse has now been revoked and replaced with The Renting Homes (Fees etc.) (Holding Deposit) (Specified Information) (Wales) Regulations 2019 which has been defined regarding what information would be due before a holding deposit is received by an agent or landlord.
Agents and landlords need to familiarise themselves with the regulations before they are brought into force on 28 February 2020
The following information is:
- amount of holding deposit;
- address of the dwelling in respect of which the deposit is paid,
- where a holding deposit is to be paid to a letting agent, the name and contact details of that letting agent,
- where a holding deposit is to be paid to a landlord, the name and contact details of that landlord,
- duration of the contract,
- proposed occupation date,
- amount of rent or other consideration,
- rental period,
- any proposed additional contract terms or proposed modifications to fundamental or supplementary terms or terms proposed to be omitted from the contract,
- amount of any security deposit,
- whether a guarantor is required and, if so, any relevant conditions,
- reference checks the landlord (or letting agent) will undertake, and
- information the landlord or letting agent requires from the prospective contract-holder.
The information must be provided to a prospective contract-holder in writing and may be given in person or provided by electronic means if the prospective contract-holder consents to receiving it electronically.
Failure to provide any of the information before accepting a holding deposit will be classed as an offence making the holding deposit a prohibited payment and so it will need to be returned to the prospective tenant, even if they still wish to proceed.
There are a few changes from the original version of the regulations. The specified information is no longer required to be given to the contract holder by post. Also the name and contact details of either the landlord or agent is required to be given to the contract holder depending to whom the holding deposit is being paid too. The previous regulations required the landlord’s details even if the money was taken by the agent.
Do you not take a holding deposit until after referencing has been completed? Which then runs the risk of if the contract holder is unable to provide a guarantor they can just walk away from the property with no financial investment or loss whilst the landlord or agent has lost time and other potential viewings.
http://www.legislation.gov.uk/wsi/2019/1493/contents/made
Recent Comments