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Buy To Let, Hints & Tips, Landlords, Selling, Tenanted Properties
Selling a Property with a Tenant in Situ – What to Know
Selling a Property with a Tenant in Situ – What to Know Thinking of selling a property with a tenant in situ? You’ve come to the right place. Here we explain everything you need to know — and share why help is at hand from Cairn. If you’re a landlord thinking of selling your rental property, should you wait until the place is empty, or can you sell with sitting tenants? It’s a question we’re often asked, and so we’re here with an answer: there are pros and cons to both scenarios. Let’s explore them in a little more detail. What are the benefits of selling your rental property when it’s empty? The clear benefit of selling your rental property when it’s vacant (also known as “vacant possession”) is that you have a wider range of options. Rather than selling to another buy-to-let landlord, you could sell the property to a private buyer who wishes to live in it themselves. And before you get to the sale, having the property empty (and clean) will make viewings a lot more straightforward. You won’t have to worry about keeping tenants in the loop, and you’ll know the place is presentable when prospective buyers come looking. What about the drawbacks of selling a rental property when it’s vacant? The main downside to this scenario is that you won’t be drawing any rental income while the property is on the market — so you’ll need to make sure you can cover the mortgage and other expenses from your own pocket. Read more: Top Tips for Selling with Glasgow West End Estate Agents So, what about selling a property with a tenant in situ? When you sell a property with sitting tenants, it means the tenants continue to live in the property after the sale is complete. You simply transfer the tenancy agreement and deposit to the new owner. Everything else remains the same for the tenants, and the new owner has rental income from day one. This might seem like a no-brainer for all involved, but there are a few potential downsides to this approach: Selling with sitting tenants narrows your market to only other buy-to-let investors; Your tenants might become spooked by the change and move out, leaving you with an empty property and extra expenses; It could increase the amount of time it takes to sell the property if the rental market is slow; And you’ll need to convince the prospective buyer that your tenants are responsible and reliable before they agree to takeover the tenancy agreement. The good news is that all of these issues can be overcome if you work with an estate agent experienced in selling tenanted flats. How to sell a property with sitting tenants When selling a property with a tenant in situ, you need to keep everyone informed on both sides of the transaction. Firstly, your tenants need to be reassured that nothing will change on their end. The tenancy agreement they signed with you remains valid, and their rent won’t change while that’s the case. Meanwhile, you need to provide references, credit checks, and other evidence to the prospective buyer to demonstrate that your tenants are reliable and trustworthy, and have been paying their rent on time. When it comes to the actual sales process, it’s largely similar to selling any other property type. You (or your estate agent) would inform your tenants of your plan to sell, put the property on the market (highlighting that it comes with tenants in situ), and begin arranging viewings. And when you receive an acceptable offer, you’ll need a conveyancing solicitor to handle the legalities of transferring the tenancy agreement and deposit to the new owner. Again, working with an expert estate agent (like Cairn) can help iron out these details. Selling a property with a tenant in situ? Work with Cairn One of our main areas of expertise is selling tenanted properties for our clients. And in the majority of cases, our tenanted properties are sold off-market to our investment database. This ensures lower volumes of viewings and minimal disruption to your current tenants, while you continue to collect rental income up until the point of sale. Want to learn more about our services? Contact us today.
Edinburgh, Portobello, Recruitment
WE ARE HIRING – IN OUR PORTOBELLO OFFICE
We Are Hiring – In Our Portobello Office The key to Cairn’s success is its people and its commitment to high quality and personal customer service. Responsive and productive. Cairn always aims to deliver against clients needs. Cairn is currently seeking to recruit an experienced Property Manager based at our new Portobello office. Ideally the […]
Hints & Tips, Selling
How to Sell Your Home This Summer
How to Sell Your Home This Summer Want to sell your home this summer? Read our top tips for making the most of the summer months to achieve the best price for your property. Summer is one of the best times of year to sell your property, with the great weather, longer days and more free time making it more likely that buyers will move to snap up their dream homes. However, there are always things you can do to make your property more desirable and generate the best price during June, July, and August. Read on to find out how to sell your home this summer: 1. Capitalise on the busy property market Summer 2022 is expected to be a busy period for the Scottish property market. Early summer is particularly active, with June and July popular months for homebuying. However, the market tends to slow in August, with the summer school holidays in full swing. Not only does entertaining kids leave little time for house hunting, but many people go on holiday during this month. This is important to consider if you’re targeting families. 2. Sell in early summer If you need to sell at this time of year, get your property on the market as early as possible. If it’s not up for sale by the start of July, you could be putting yourself at a disadvantage due to the slowdown in the market. You may also find yourself up against those properties that didn’t sell over the spring, possibly due to them being overpriced. Take this into consideration when deciding how to pitch your asking price against these stale properties. When selling your home in summer, keep a close eye on the competition. Around this time, many house sellers become frustrated and begin to drop the asking price on their properties. You’ll need to carefully assess the cost of your home to keep it looking competitive in the market. 3. Boost your property’s summer kerb appeal Boosting your property’s kerb appeal can help you sell your home during the summer months. Keep the exterior neat and tidy to make a good first impression as people approach your property. Sweep the paths, trim the bushes, pull up weeds, paint your front door, and add pretty plant pots with summer plants to add seasonal colour. Getting the garden in order can also help potential buyers imagine your outdoor space on those warm summer nights. Read more: Get Your House Ready to Sell in 2022 4. Make the most of the natural light One good reason to sell your home in the summer is the abundance of natural light. Make the most of it by opening blinds and tying back curtains. Removing any obstacles in front of the window can allow light to flow through the room, bathing your living space in natural light. This can make it feel larger and more welcoming. Using light effectively can also create the ideal conditions to take photos for your home’s estate agency profile. Speaking of which… 5. Work with a reputable local estate agent To improve your chances of selling your home during the summer months, working with an estate agent with excellent knowledge of the local property market is always helpful. At Cairn, we can offer expert advice on how to sell your home in summer, helping you achieve the very best price. We can assist you with everything from setting the right asking price and marketing your property to styling and staging to make it as appealing as possible to buyers. Talk to our experienced estate agents today to discuss selling your home during the summer months.
Edinburgh, HMO Properties, Student Accommodation, Tenants
Edinburgh Students HMO Checklist
Edinburgh Students HMO Checklist For students studying in Edinburgh, an HMO is a popular choice of accommodation. More affordable than many other property types (and often more sociable), they come with many advantages. If you’re thinking of letting a room in an HMO in the capital, read our checklist to help you find the right property to meet your needs. Our Edinburgh Students HMO Checklist: First thing’s first: Find an HMO letting agency. When looking for an Edinburgh students HMO, it’s a good idea to use an HMO letting agency. These agencies will work with licenced HMOs in the city, allowing them to help you find quality accommodation that’s right for you. It’s best to use an agent that has professional body membership such as The Property Ombudsman and the Scottish Association of Landlords. Next, check the documentation: Check the landlord has a valid HMO licence. Before agreeing to move into an HMO, it’s important to check if the landlord has an HMO licence. You can do this by contacting the local housing department. They’ll have an up to date list of all the licenced HMOs in Edinburgh. Ask to see gas and electrical safety certificates. As well as making sure an HMO property is licenced, you should ask to see up to date gas and electrical safety certificates. Electrics should be checked every five years, while gas safety checks need to be carried out annually. Carefully assess the Edinburgh students HMO: Check proper fire safety measures are in place. We also recommend checking that proper fire safety measures are in place in an HMO. It’s a landlord’s responsibility to ensure that the property has working smoke alarms, carbon monoxide detectors and fire extinguishers installed on each level of the building. Make sure the property is in good condition. When you view an HMO, take a good look at the state of the property. Make sure all areas are clean and in good condition. It’s the landlord’s responsibility to ensure that repairs are carried out to communal areas, including ensuring that electrical wiring, water and gas pipes, baths and toilets, radiators and water heaters are all working as they should. The structure and exterior of the property, including the walls, gutters and window frames should also be in a good state of repair. Get answers to your questions: Find out who you’ll be living with. When viewing an Edinburgh students HMO, it’s a good idea to find out who you’ll be living with. Since HMOs are shared houses where tenants tend to eat and socialise together, it’s important to ensure that you’re comfortable around them. You don’t want a mismatch of personalities. This is even more important if you are signing a joint tenancy with the other people living there as you will be responsible for any rent payments they miss. Ask questions. When viewing a student HMO in Edinburgh, don’t be afraid to ask questions to find out if it’s the right property for you. Make a list of things to ask before you go so that you don’t forget anything. Suggestions include “What broadband do you have and who pays for it?”, “Does a cleaner attend the property?”, “Is there parking?”, “Is there any shared storage?”, and “Where will my deposit be protected?”. Read more: HMO Letting Edinburgh: Everything Students Need to Know Living in an Edinburgh students HMO can be a great idea if you’re seeking affordable, sociable accommodation while studying in the city. Contact us today to find a licenced HMO that meets your needs and budget.
Legislation
Legislation Update
LEGISLATION UPDATE BLOG ( Date: 31.3.22 ) The Scottish Government has announced that from the 31st March 2022, landlords will no longer need to serve 6 months notice to bring a tenancy to an end. The 6 month notice rule was introduced by the Scottish Government as part of a number of emergency laws that were introduced into the Scottish Private Rented Sector in 2020 as a response designed to help make the rental sector more stable during the upheaval that the COVID pandemic caused on the market. The Scottish Government had explored making the 6 month notice rule permanent as part of their agenda to create a New Deal for Tenants, but the evidence shows that this particular rule change has not been good for the sector. The Scottish Association of Landlords presented evidence to the Government showing that, due to the extended notice periods, some tenants were accruing rent arrears that they remain liable for and could never afford to repay resulting in a negative situation for all concerned. The rolling back of notice periods to the pre-pandemic rules (where landlords serve either 28 days or 84 days’ notice on tenants depending on the circumstances) is very good news for the sector as there is a definite shortage of new landlords and rental properties which is having an extremely negative impact on the number of available properties in the market. This in turn is heating the market and driving asking rents up as more and more prospective tenants compete for fewer properties. The government also announced this week that the temporary downgrading of compulsory grounds for repossession to discretionary, which was part of the same emergency laws introduced in 2020, will continue until September 2022 and will thereafter be reviewed again. This shouldn’t affect most cases for repossession as long as landlords can demonstrate a strong enough case for taking back their properties under one of the grounds for doing so. The Scottish Government is currently considering the simple measure of restricting rent levels on the market, but the evidence shows that a change like this would have a negative impact on the number of landlords and properties in the market, exacerbating many of the issues the government are trying to address. This highlights the importance for landlords to have qualified and knowledgeable agents managing their properties to ensure that they are receiving the most up to date and accurate advice relating to eviction actions and general management of the property. If you need any help with evictions, tribunal applications or management of your property, please do not hesitate to contact Cairn and one of our qualified and experienced property managers will be on hand to help with all of your queries. For Glasgow 0141 270 7878, Edinburgh 0131 346 4646 or Portobello 0131 622 6215
Edinburgh, Landlords, Legislation, Services, Tenants
Switching Letting Agents in Edinburgh: Advice for Landlords
Switching Letting Agents in Edinburgh: Advice for Landlords Are you a property landlord thinking of switching letting agents in Edinburgh? Read on for some top tips & advice from Cairn. Expensive maintenance charges. Substandard repairs. Poor communication. Late rent payments. And every time you call, it’s someone different on the other end of the line — and they don’t know you or your property. As a landlord, the last thing you need is a letting agent mismanaging your property. If the above sounds familiar, it could be time for a change. And despite some common misconceptions, switching letting agents is easier than you think. Moving Letting Agents in Edinburgh: Common Misconceptions Many landlords see changing letting agents as a hassle they can live without, so they stay loyal to an agency, even if they’re not meeting expectations. Others think they need to wait until the property is empty before switching, while some simply don’t see the point in moving. After all, a letting agent is a letting agent, right? Wrong. Let’s deal with these misconceptions, one by one: 1. “I have to wait until the end of the tenancy before changing agents.” This isn’t true. The Tenancy Agreement is between you (the landlord) and your tenant. The agency has been hired to manage your property — switching agents won’t impact the agreement. In fact, it’s often easier to change agents with a tenant in place, as it means the new agent can take over the management of the property without the additional need to advertise and place a new tenant. 2. “Every letting agent in the Capital is the same; there’s no point in switching.” Most letting agents provide similar services. However, the way in which these services are delivered can vary from one agent to the next. Think of it like having a favourite coffee shop, even though you can get a coffee almost anywhere. There’s more to it than simply getting what you asked for. Likewise, the very best letting agents in both Glasgow & Edinburgh are doing more than making sure rent is collected on time. They’re fully regulated, understand the legislation involved, prioritise quality customer service, and offer professional and reliable communication at all times. 3. “Moving to a new letting agent is more fuss than it’s worth.” Switching from an underperforming agent to one who values a strong working relationship and cares for your property and its tenants is absolutely worth the fuss — if it can even be considered “fuss” in the first place! In reality, there’s little you need to do in order to switch. Beyond giving your current agent written notice that you plan to leave, your new agent will handle everything on your behalf. Case in point… Switching Letting Agents in Edinburgh (It’s Easier Than You Think) At Cairn, we make switching simple. From liaising with your current agent to communicating with your tenant(s), we take care of every last detail, including: The acquisition of a detailed handover from your current agent. This will include information related to rent arrears, payment plans, planned maintenance, and outstanding tenant requests; The transfer and recording of the latest safety certificates; The transfer of all keys, up-to-date inventory, and the current lease agreement (if applicable); And the provision of a new point of contact and updated bank details for rent payments to your tenant(s). You are appointed a property manager so you are dealing with one point of contact. Our qualified and experienced property managers conduct audits on documents sent to us to ensure that all legal responsibilities are met and the landlords interests are protected. Cairn have branches in Portobello ( 0131 622 6215 ) & Edinburgh City ( 0131 346 4646 ). If you’re interested in changing letting agents in Edinburgh, visit our Getting Started page or contact our friendly team for more information.
Buy To Let, Edinburgh, Investment, Property Investment
Why Invest in an Edinburgh Portfolio?
Why Invest in an Edinburgh Portfolio? Want to invest in an Edinburgh portfolio? Discover the reasons why Scotland’s capital is the place to be. With a thriving economy, six universities and a growing population that could reach 600,000 within the next 10 years, it’s no surprise that Edinburgh is considered one of the best places for buy-to-let in the UK. And high demand for properties means higher rental yields, allowing you to receive healthier returns on your investment! Read on to discover the top reasons to invest in a buy-to-let portfolio in Edinburgh. 4 Reasons to Invest in an Edinburgh Portfolio: 1. A Booming Economy Edinburgh, the capital city of Scotland, is the powerhouse of both the Scottish and wider UK economy. Consistently one of the most prosperous parts of the country, it has the strongest economy of any city outside London. A booming economy means more jobs, resulting in a greater need for housing as more people move to the city. And not only does the city have a healthy employment rate of 76%, but around 40% of the workforce are in high-skilled (well-paid) jobs. 2. Rising Population Another reason to invest in buy-to-let in Edinburgh is the city’s rising population. A new report shows that it grew by 12.3% in the ten years to 2020, up from an estimated 469,930 to 527,620. This figure is expected to rise to over 600,000 by 2035, potentially becoming more populous than Glasgow in the near future. More people means greater demand for housing stock, which is great news for buy-to-let investors. Read more: Edinburgh Property Investment: Is It Worth It? 3. A flourishing student market With six universities and three colleges, Edinburgh has a flourishing student market. The city is home to students from across the UK and around the world. Thousands come not just for its elite educational reputation, but for its rich and fascinating heritage, architecture, and food and drink scene. Since full-time students comprise over 12% of the population of Edinburgh, there’s a huge need for quality rented accommodation. HMO student accommodation is particularly sought after in the city. This is because it’s generally more affordable for students since several people will be splitting the rent, and it also offers a more social experience. Since the universities aren’t going anywhere, investing in a student HMO is usually a sound investment. Some of the key areas for student property investment are Abbeyhill, Marchmont, Balerno, Chesser, Bonnington, Currie, Dalry, Gorgie, Juniper Green, Haymarket, Fountainbridge, Polwarth and Slateford. Read more: Buy-to-Let in Edinburgh: Where to Look? 4. High rental yields With so many reasons for people to live, work, and study in Edinburgh, it’s no surprise that property here is in such high demand. As well as local residents and the huge student letting market, there’s also a flourishing tourist and holiday letting market. This has become particularly attractive for Edinburgh landlords in recent years, resulting in the city boasting some of the highest rental yields in the country. According to Totally Money, Edinburgh buy-to-lets can offer excellent yields of well over 6%. Next Steps: Find an Edinburgh Portfolio We’ve written previously about how to find a property portfolio for sale in Scotland, so you may want to continue reading there. Or, if you’re ready to invest in an Edinburgh portfolio, we’re here to help. We have a proven track record in helping investors secure profitable buy-to-let investments, with multiple portfolios sold within the last six months alone. Get in touch to learn more.
Edinburgh, Investment, Property Investment, Property Partners
Why Use Our Property Development Services in Edinburgh?
Why Use Our Property Development Services in Edinburgh? Are you looking to invest in property in Scotland’s capital? If so, Cairn can help. We offer a range of property development services in Edinburgh, helping our clients maximise their investment. Whether you’re an experienced investor or new to the game, we can provide the guidance, support and assistance you need. Read on to learn more. Cairn’s Property Development Services in Edinburgh: 1. Free guidance, analysis, and recommendations Firstly, our experienced team are on hand to provide guidance at any stage of the development process. From supplying valuable insight into current market trends to advising on legal requirements, we’re with you every step of the way. Our team can also carry out a full assessment of your property in line with market standards, advising on the type of work required to maximise letting potential. And we can even provide estimates and suggest options to help you stay within budget. 2. Complete project management Secondly, when you use our development services in Edinburgh, you’ll benefit from complete project management. We can handle every part of your project, from providing a detailed plan of the required works to receiving quotes from approved contractors (and even negotiating contracts). We can agree on timescales to reflect your needs and negotiate fixed prices to improve budget management. We’ll inspect the work as it’s being carried out and later arrange a snagging inspection to ensure that high standards of workmanship have been maintained throughout. And anything which hasn’t been completed to the specification agreed can be rectified as quickly as possible. 3. Preparation of planning permission and building warrant applications Property development often requires you to get planning permission and a building warrant before you carry out work. This can include converting, altering, extending or demolishing any part of a property. At Cairn, we take care of the paperwork for you. We complete all forms and drawings to a professional standard and with the highest level of accuracy. And that’s not all. We can also help you apply for the Completion Certificate – a key document that confirms work has been carried out in agreement with the approved plans and specifications, as well as Building Regulations. 4. Carrying out design improvement to your property Finally, our work doesn’t always stop once the building work is complete. If required, our development services can also include cosmetic improvements to your property, helping to increase both its value and letting potential. Our in-house team of designers deliver eye-catching, trendy interior design. We’ll provide expert guidance on everything from picking fixtures and fittings to choosing the perfect finishes for your property. And everything we suggest will meet with current regulations and reflect your investment profile and budget. Learn More About Our Property Development Services in Edinburgh Cairn has been delivering property development services in Edinburgh for many years. Whether you’re searching for new investment opportunities or need help maximising your returns, our team of experts can help. Get in touch to learn more.
Glasgow, Hints & Tips, Selling, West End
Top Tips for Selling with Glasgow West End Estate Agents
Top Tips for Selling with Glasgow West End Estate Agents Discover why selling with expert Glasgow West End Estate Agents can help you make a quick and profitable sale. Glasgow’s West End is a lively, bohemian area popular with uni students and young professionals. Boasting beautiful Victorian architecture, independent shops, museums and galleries, trendy cafes and bars, and leafy parks, it’s one of the most in-demand areas of the city. If you have a property here and want to sell it quickly and at the best possible price, read on. Here are our top tips for selling your Glasgow West End property. 4 tips for selling with Glasgow West End Estate Agents 1. Sell in the Spring While demand continues to outstrip supply in the West End, you’ll receive more interest if you sell during the Spring. Most home-movers start looking for properties in March, April, and May. You can expect increased competition between buyers at this time, giving you the best chance of sealing a profitable deal. Plus, the nicer weather makes spring a great time of year to put your West End property on the market. 2. Shortlist reputable Glasgow West End estate agents To boost your chances of getting the price you want for your property, it makes sense to work with established Glasgow West End estate agents. Find local estate agents with a proven track record of selling properties like yours in the West End. Invite your shortlisted estate agents to the property to conduct a valuation and discuss how they’d market it effectively. A good estate agent will market your property via a range of methods, from advertising it on websites such as Rightmove and Zoopla to email marketing and social media. 3. Identify potential buyers The key to preparing, marketing and selling your property is understanding your potential buyers. The best strategy is to keep the widest pool of buyers in mind, since the more potential buyers you have, the more likely you are to receive offers. Fortunately, as one of Glasgow’s favourite residential areas, property in the West End is constantly sought after by students, young professionals, and families alike. Since Glasgow University is here, some parts are popular with students and faculty, including Hillhead, Dowanhill, and Partick. This means students or parents of students are likely to be amongst those most interested in your property. 4. Prepare your home for sale Glasgow West End estate agents can help you prepare your home for sale, giving you the best possible chance of selling it quickly and at the best price. As well as arranging a home report for the property (a legal requirement in Scotland), we can also advise on carrying out maintenance and repairs and styling and staging. We can advise you on how to decorate rooms so the property is showcased in the best light and appeals to the aspirations of your ideal buyer. For expert assistance selling a property in Glasgow’s popular West End, get in touch with our team today. Let us do your viewings it takes the stress off you and we know the market. We can carry out viewings at weekends too allowing you time to relax.
