When a property is owned by one or more people (including partners and spouses) ownership is either:-

  • Beneficial Joint Tenants ( Or )
  • Tenants in common
It is important to understand the differences between the two types of ownership particularly if you have a mortgage or if you are about to prepare a will.

Tenants in Common

When you own a property as 'tenants in common' you are regarded in law as having separate shares in the property. Often the shares are held on a 50/50 basis, but it can be more specific with shares sometimes allocated in accordance with the amount of money introduced by one party. In the event of the death of a Tenant-in-Common their share of the property passes to the beneficiary in their will.

Beneficial Joint Tenants Explained

When a property is owned as 'beneficial joint tenants' the property belongs to you and the other owner or owners jointly. There is no separate distinction between owners and you are all seen as a single owner.

There will not be any specific shares in the property and you cannot give away a share of the property in your Will. In the event of death of one of the joint tenants, legally your interest in the property automatically passes to the surviving owner or owners.

Often this is the form of ownership is chosen by married couples or civil partners, where these parties are content for the survivor to be the absolute owner. The ownership of the property held on a Joint Tenants basis cannot be altered by a Will. A Will made by a Joint Tenant, which tries to leave the property to anyone other than another legal Joint Tenant would be ineffective!

A new law has been introduced in Wales which applies to all landlords and agents of private residential property. If you own, rent out or manage a rented property then this law will impact on you.

In order to comply with this new legislation, all landlords and agents must become registered and licensed via Rent Smart Wales and they will have 12 months from 23 November 2015 in which to comply with the new legislation.

The aim of the legislation is to improve standards of letting and management practice in the private rented sector and to raise awareness of landlords’, agents’ and tenants’ rights and responsibilities.

In order to become licenced a landlord or property manager will be required to gain a qualification to become an accredited landlord. It will be an offence for anyone to manage a property if they are not licenced and could result in a fine.

Only the landlord can complete the registration - an agent cannot register on behalf of a landlord. This is because the person completing the registration has to verify that the information being registered is correct. A landlord registration costs £33.50 if completed on-line and £80.50 for a paper application. This fee is regardless of how many properties you let out in Wales.

Every landlord is required to obtain a licence and attend a compulsory training course. The licence fee is currently £144.00 (for 5 years) but if a landlord instructs an agent to manage a property/properties on their behalf, it is only the agent that must become licensed and the licence fee is then not applicable to the private landlord. The landlords of the properties that we currently manage will not have to obtain a licence as this is part of our full management service.

Some private landlords will chose to become licensed themselves, or some may instruct a licensed agent to manage and let their properties.

OUR EXISTING CLIENTS (full management service) – Here’s what we can do for you:

  • Registration can be completed online – should you require our assistance an appointment can be arranged for you to visit the office and we can help you with the online application.
  • It will not be necessary for you to obtain a licence. As we manage your property/properties we will become licenced as an Agent and this will be included in the full management service. You will be required to provide Rent Smart Wales with our details.


More information about Rent Smart can be found at https://www.rentsmart.gov.wales/en/

Stamp Duty Land Tax (SDLT) - NEW RULES APRIL2016.

If you buy a property for more than £125,000, you pay Stamp Duty Land Tax (SDLT). The amount payable depends on the purchase price of the property.

From 1st April 2016 there is an additional 3% stamp duty on all buy to let purchases and on the purchase of a second home.

For more information, please refer to Stamp Duty Information


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