VTUK’s guide to getting licensed: The Housing (Wales) Act 2014
We aim to assist every agent in Wales as the introduction of the Housing (Wales) Act is introduced. From last Friday (19th September 2014) every agent in Wales must know be licensed. The legislation requires agents to register with an approved body such as ARLA or NALS. The agent and the landlords must commit to training and continues professional development. Agents must also ensure two thirds of third staff receive training by the accredited body. If you fail to comply with these restrictions, agents are at risk of a fine up to £50,000. Landlords are at risk of a £20,000 fine. Failure to register is a criminal offence. If you fail to register, agents are at risk of rent-free periods, making it impossible to evict them. To read the full legislation that agents must comply to too in Wales please click here. http://www.propertyindustryeye.com/every-single-letting-agent-wales-will-now-licensed/
Meeting every part of this legislation can be quite tricky, especially if you’re only a small agent. That’s why we’ve outlined the step by step instructions you should take, when it comes to getting licensed with an approved board.
To join ARLA or NALS simply visit their website and click to join the board. You can register as four types of categories these being an ARLA student, ARLA associate, ARLA member or ARLA Fellow. To find out what you qualify for, a short survey must be taken which you’ll be re-directed too during the sign up process. Your qualifications and experience will decide what category you qualify for. After registering with ARLA, you simply do not need to worry, as long as you retain your license. To register with ARLA please click here. http://www.arla.co.uk/Join
If you’re registering with NALS, as a landlord if your companies registered with ARLA, NAEA, RICS or the Law Society, you can sign up using the affiliate scheme. If your company is already registered with ARLA or a similar scheme, NALS recognises that you’ll already be part of the client money protection scheme and so therefore you will not have to contribute. To sign up a simple application form needs to be filled out, either online or it can be downloaded.
You can also take the non-affiliated route. If your firm is not part of another organisation, you can still complete the application either online or download the form here. NALS requires you as a firm to provide evidence that you hold Professional Indemnity Insurance that meets the following criteria:
- Cover is on a civil liability basis
- The limit of indemnity is on an any one claim basis
- Cover is included for claims arising out of fraud and dishonesty of employees
- Indemnity in respect of claims arising out of all work carried past and present
In terms of pricing to register with NALS, it is £175 plus VAT as a one off fee. An annual fee of £135 plus VAT can also be paid. To register with client money protection, as a single office its £230 deposit £325 with firms up to 8 offices.
NALS also requires its members to be part of the Property Ombudsman for an annual fee of £15 per office with further charges if any complaints occur.
To download the application form or complete it on-line please click here and scroll down to the bottom of the page. http://www.nalscheme.co.uk/agents/get-licensed-what-you-need-to-know
Founded in 1989, VTUK is the UK’s leading independent property software company. Our award-winning software, widely acknowledged as setting the industry standard, is used by agents nationwide. Our products are bespoke, with specific software solutions for each distinct group of property professionals, including lettings and management agents, estate agents, councils, housing associations and many more.
To find out more about VTUK follow us on Twitter, Facebook & LinkedIn.
Give us a call FREEPHONE 0800 3280460 or visit www.VTUK.com to find out how we can assist your business.
You May Also Enjoy
What to know when buying land
Tenant demand strong, landlord supply shrinking
Why Join a Letting Agents Association?
House price growth remained subdued in July
Rent hikes and tighter tenant checks as landlord costs climb
