A massive headline at the moment is Wandsworth Council is planning to introduce property licensing in the Borough for the first time. If they go through with it, it would mean that private landlords have to get licences starting next year. We want to have a closer look at the plans today and what they mean for landlords. Then, if you need some help with property management in Wandsworth, you can count on us.
The plans
The local authority is currently looking to introduce two new schemes. The first is an additional licensing scheme for HMOs. It will mean that landlords with small shared houses with three or more occupants from multiple households who share key facilities such as a bathroom or kitchen need a licence.
The goal with the additional licensing is to ensure landlords meet the right standards with smaller HMOs. There is already national mandatory licensing for larger ones. So, nearly 800 properties in Wandsworth already have a licence. The new scheme will ensure small shared houses are covered too.
In addition, the council is looking to introduce a selective licensing scheme. This would require landlords to get licences for all private rental homes in seven wards. Initially it would cover Furzedown, South Balham, Tooting Bec and Tooting Broadway. Then, it would expand to East Putney, West Putney and Northcote.
Landlords should ensure they are aware of the potential extra costs here. The plan is for additional licenses to cost £1,450 per HMO. A selective licence would be £850 per property. So, the potential impact on investors could be high, especially ones with large portfolios.
Why the change?
We have plenty of experience with property management in Wandsworth and numerous other investor services. So, we’ve seen how the area has changed over the years. It has become very popular for investments, with 36% of homes now in the private rental sector.
The council has chosen to explore licensing to improve standards in the private rental sector. They appreciate that most landlords are professional and look after tenants. However, they also receive complaints about bad experiences. In fact, they said they had over 4,000 requests from private tenants in 2017-2023. The council had to take enforcement action in a number of cases. This included issuing improvement notices (171 prelim and 95 formal) and 9 fixed penalties in 22/23.
Cabinet Member for Wandsworth Council, Aydin Dikerdem said that the local authority was committed to improving standards for the benefit of tenants, particularly the most vulnerable. He said they will work with landlords to educate them on their responsibilities and drive out any rogues that disregard the housing laws.
What next?
Wandsworth Council is taking the first steps to explore the licensing proposals. As part of this, they are opening a public consultation. It will run until 14th October. The local authority is inviting as many stakeholders as possible to give their feedback and opinions. They want to hear from tenants and landlords, as well as local organisations.
Do you need help with property management in Wandsworth?
Finefair Ltd is one of the best companies to work with if you are a property investor. We can provide a full range of fantastic services. This includes managing assets, expanding portfolios, guaranteed rent, and much more. As a result, you can rely on us for almost anything.
So, if you need property management in Wandsworth or other solutions, speak to us. We’ll see what we can do for you, ensuring you get the best value for money.
