Are you thinking of getting a property license while renting? Now if the property is being rented out within Scheme 1 and 2, then you must apply for a property license. Just to let you know, it is an offence to rent out a property without a proper license. The consequences following are that you will be penalised up to £30K or prosecuted even, if you do not have a property license now. Scheme 1 enforcement has already begun. Now scheme 2 is all set to start on the 1st October 2018. There is a discount fee which is £250 (as an incentive) until 31st December 2018. Enforcement will start on 1st January 2019. 

Click on the link below to read more:

https://www.redbridge.gov.uk/housing/private-rentals/apply-for-a-property-licence/