What Landlord's need to know about Renting Homes Wales Act
From July 15, existing tenancies will be converted into the new standard occupation contracts where the tenant becomes a ‘contract holder’.
From July 15, existing tenancies will be converted into the new standard occupation contracts where the tenant becomes a ‘contract holder’.
The act is said to simplify how landlords rent properties, the new occupation contracts make the rights and obligations of landlords and contract holders clearer. Landlords will have to provide a copy of the new occupation contract in writing to their contract holder. For new contracts this must be no later than 15 days after the contract starts. For existing tenancies transitioning over to the new system this has to be provided no later than January 14 2023.
There are four types of terms that can feature in occupation contracts -
Key matters - The names of the parties and address of the property, start and end date and rent amount. These must be inserted in every contract.
Fundamental Terms - These are the most important aspects of the contract, including the possession procedures and the landlord’s obligations regarding repair. Some cannot be changed and must be included, others can be left out or changed.
Supplementary Terms - These deal with the more practical, day to day matters, for example, the requirement for a contract-holder to notify the landlord if the property is going to be empty for four weeks or more.
Additional Terms - These are specifically agreed matters, for example a term which relates to the keeping of pets. Any additional terms must be fair, as required by the Consumer Rights Act 2015.
Want to know more information on the new occupation contracts click here to access the governments guidance.
Or to discuss how I can help you with the new changes, call me on 01267 240081 or email h.davies@surepropertygroup.com
