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Edinburgh, Landlords, Letting
Edinburgh Letting: New Landlords, Read This
Discover everything you need to know about Edinburgh letting for first-time landlords. Some people become landlords by accident. They move in with a partner and want to hang on to their property. Or they relocate for work and don’t want to sell their home. So, they decide to rent it out. Others are more deliberate, viewing buy-to-let as a sensible long-term investment. No matter how you’ve arrived at your decision to let out your Edinburgh property for the first time, this post is for you. Here, we lay out the steps you need to take before you become a landlord, and what you need to do once you’ve found your tenants. New to Edinburgh letting? What you need to do before renting out your home Before you even contemplate putting your home up for rent, you need to make sure your mortgage lender allows it. If you have a standard residential mortgage, you’ll have to ask for “consent to let,” which is where your lender will give you permission to rent out your property with a residential mortgage. This is usually for a set amount of time. Otherwise, you’ll need to switch to a buy-to-let mortgage. If you don’t have a BTL mortgage and you try to rent your property on a residential mortgage without consent to let, you run the risk of breaching your contract. And if that happens, it could result in your lender demanding instant repayment of the full mortgage balance! Once you have the mortgage sorted, the next step is to amend your insurance policy to include landlord insurance. Having tenants living in your property can affect your liability. You must also register as a private landlord with the Scottish Landlord Register. Everyone named on the title deeds must do so. Failure to register is a criminal offence and can result in a fine. You can register as a landlord here. Finally, if you’re planning on renting to three or more unrelated people, this will be classed as a house of multiple occupancy (HMO). HMOs require an additional licence. Learn more about Edinburgh HMOs here. Found your tenants? Here’s what you need to do next First, it’s important to note that there’s a lot of responsibility that comes with being a landlord. If you’d rather take a hands-off approach, working with a local property management company (like Cairn) can be a big help. Learn more about our management services here. However, if you want to try your hand at being a DIY landlord, there are several things you’ll need to do: Conduct all viewings of the property Get references for all tenants Take deposits and move funds from tenants Ensure all compliance is in place for the tenants’ move-in (safety certificates/maintenance/cleaning) Conduct inventory Create the correct tenancy agreement and ensure all parties sign it Meet with your tenants and give them a tour of the property. Show them how to switch off the electricity, how to reset a blown fuse, and how to switch off the water supply in an emergency — plus anything else specific to your property. Once you’ve received your tenant’s deposit, you’ll need to place it into a Tenancy Deposit Scheme within 30 working days of the start of the tenancy. You should also notify your tenant in writing which scheme is holding their deposit. Finally, you should notify the local authority and the property’s utility providers that a tenant is moving in (and that you no longer live there) so that the Council Tax account and energy accounts can be updated. You should also let your tenant know that you’ve done this. Of course, your responsibilities as a landlord don’t end there. Throughout the tenancy, you must: Respond to reactive maintenance/emergency out-of-hour issues (weekends and evenings) Conduct periodic inspections of the property Handle tenant complaints Handle neighbour complaints Collect rent/chase rent if in arrears And at the end of the tenancy, you must: Conduct a move-out inspection Handle deposit deductions/deposit disputes Re-advertise the property and start the process all over again If this seems like too much to handle, we have friendly and qualified staff here at Cairn ready to help you with the management of your property. Whether it was accidental or on purpose, if you’re entering the world of Edinburgh letting as a landlord, Cairn can help. We can look after everything to make sure you remain compliant and your tenant enjoys a safe and happy experience. Contact us here to learn more.
Edinburgh, Glasgow, Hints & Tips, Student Accommodation, Tenants
Cost of Living: Money-Saving Tips for Student Tenants
Cost of Living: Money-Saving Tips for Student Tenants The cost of living crisis is biting hard, and many students are feeling the pinch. According to the 2022 Student Money Survey, the average student now spends £924 per month, while 82% of students worry about making ends meet. What’s more, four in five have considered dropping out of university at one point or another. If you’re living away from home during your studies and you’re struggling with money worries, here are a couple of handy tips to help you save and spend wisely in rented accommodation. Cost of Living Tips: Advice for Student Renters Be energy-aware to cut bills Some rental properties will bundle up the rent and utilities into one payment. However, it’s more common for tenants to pay the electricity and/or gas bills themselves. Try to be mindful of your energy usage to lower your monthly bills. Don’t leave lights on when rooms are empty (and switch to energy-efficient LED bulbs where possible); keep doors closed so heat doesn’t escape; try to charge laptops, tablets, and smartphones at uni, and don’t leave your gadgets plugged in and on standby all day and night. If you have flatmates, consider cooking together regularly (you can split the cost of the ingredients, too). That way, you’re all in the same room, and the oven/microwave/hob is getting used once rather than several times one after the other. Bonus points if you use a slow cooker — it can be far cheaper to run, as per the table below, and you’ll often have plenty left over. With the new 52p/kWh electricity cap, here’s how much certain items and devices will roughly cost to run. Take a note of where you can cut down usage to save money. Item Cost 1 kWh fan heater/ electric radiator 52p/hour 2kWh fan heater/electric heater £1.04/hour 3 kWh immersion heater £1.56/hour 5w LED light bulb 0.26p/hour 60w light bulb 3.12p/hour 40w electric blanket 2p/hour 8KG washing machine (A rating) 26p/cycle 8KG washing machine (D rating) 55p/cycle Tumble Dryer – Heat Pump – A rating £1.13/cycle Tumble Dryer – Condenser – C Rating £2.33/cycle Oven 52p/hour Electric hob halogen per ring 85p/hour Electric hob induction per ring £1/hour Microwave 900w 47p/hour 200w slow cooker 10p/hour 42” TV 6p/hour Computer monitor 1p/hour Xbox One S 6p/hour PS4 7p/hour Amazon Echo Dot 0.2p/hour Sonos One 0.7p/hour Google Nest Mini speaker 0.2p/hour Laptop 2.5p/hour American style fridge freezer 2.5p/hour 60p/day Freestanding fridge freezer 1.45p/hour 35p/day Under counter fridge 0.6p/hour 16p/day 7.5kWh electric shower 6.5p/min 9 kWh electric shower 7.8p/min Can’t switch energy providers? Switch your broadband deal instead Most fixed-rate energy deals are off the table at the moment, and switching energy providers is harder than ever. But that doesn’t mean you can’t switch and save elsewhere. Changing broadband providers can be a great way to shave a few pounds off your monthly expenses. Broadband prices are pretty competitive at the moment, and a few of the big-name providers (like BT and Virgin) even offer special student deals, usually on a rolling contract. Check out Save the Student’s guide to the best student broadband deals to see if you’re on the best deal. Heads up: before switching any utility provider, check the terms of your contract. There might be a fee for cancelling the contract early, which could make switching more expensive. If you’d like to get more posts like this in your inbox, sign up for our regular newsletter.
Edinburgh, AirBNB, Legislation
cAIRnBNB
Ever considered renting out your property at a higher monthly rental figure with no stress as someone else is taking care of all the set up for you– sound too good to be true? With over 20 years of property management experience, particularly in the highly regulated HMO market, we are delighted to announce Cairn BNB which is a natural fit to our existing management services. We offer a strictly ‘hands on’ BNB experience, tailor-made specifically for you, whilst maximising your overall monthly rental income. We pay close attention to market trends and any upcoming local events to ensure all prices fall in line with accurate rental prices across the board. Cairn BNB presents a fantastic opportunity to earn higher income where the fast-paced environment is both exciting and highly profitable, as opposed to the traditional professional letting route. Read about the new legislation directive from the Scottish Government – click here. New hosts and operators ( Did you know ? ) If you were not using your premises to provide short term lets before 1 October 2022, you cannot take bookings or receive guests until you have a licence. All hosts and operators need to have a licence by 1 July 2024. There are four types of licence for short term let accommodation Secondary letting – the letting of property where you do not normally live, for example a second home that is let to guests Home letting – using all or part of your own home for short-term lets, whilst you are absent. An example of this could be whilst you are on holiday Home sharing – using all or part of your own home for short-term lets, whilst you are there Home letting and home sharing – operating short-term lets from your own home while you are living there and for periods when you are absent You can find the latest information about the regulation of short term lets at https://www.gov.scot/publications/short-term-lets/. At Cairn we have a dedicated AirBnb ( Short-term Let ) specialist, Mark Coll – today we asked Mark for his comments on the new legislation changes. “At this moment in time, the information on licensing for short term lets is very vague where more information will be released when rules come into force on October 1st. What we do know is that any properties currently operating before this date can still operate under the assumption that landlords apply for a licence before April 1st 2023 and have it granted by July 1st 2024. Any new short term letting landlords operating after October 1st are not allowed to let their properties out until a licence has been applied for and has been granted otherwise there could be a firm penalty – this is extremely important to know and to not get caught out. My advice would be to be prepare in advance of this date and start contacting your local authorities now for more information to get the best footing for when the legislation takes effect. After October 1st we will have a much clearer vision of the direction and future of short term lets where Cairn BnB will be the first to offer any advice and guidance on the next steps to getting things up and running for your property on the short term letting market. Please get in touch if you’d like to know more information on this or if you would like to get up and running prior to the October 1st deadline.”
Edinburgh
A History of Edinburgh Tenements
A History of Edinburgh Tenements While not as ubiquitous as in Glasgow, Edinburgh boasts its fair share of tenements amongst its diverse housing stock. And interestingly, many of those Edinburgh tenements tend to be much older than their Glasgow counterparts — most dating from around the 17th century onwards. In this short article, we dig into the history of Edinburgh tenements and why you might want to call one of these unique properties home. Note: This is a companion piece to our History of Glasgow Tenements article. Click the link to learn all about Glasgow’s iconic red stone flats. What is a Tenement? A tenement is a type of building with multiple dwellings (typically flats or apartments) on each floor and a shared entrance and stairway access. You’ll find tenements in places like New York, Dublin, Berlin, and even Mumbai, but they’re particularly common right here in Scotland. That’s why there’s an official Scottish law used to define a tenement. According to Section 26 of the Tenement (Scotland) Act 2004, a tenement is: “Two or more related but separate flats divided from each other horizontally”. Traditionally, many tenements were built in response to a major 19th-century Scottish housing crisis, offering homes for large, working-class families. Some of the tenements in Edinburgh could even be considered the world’s first highrise flats, stretching some 15 storeys into the skyline. Today, flats in tenement buildings in both Edinburgh and Glasgow are often highly sought after, due to their prime locations, large rooms, high ceilings, bay windows, ornamentation, and period features. Where Can You Find Tenements in Edinburgh? While many tenements were demolished in Glasgow in the 1960s and 70s (due to poor maintenance, dangerous living conditions, and overcrowding), thankfully, most Edinburgh tenements avoided a similar fate. In fact, in the capital, the residential tenements found in the medieval Old Town and Georgian New Town – as well as the Victorian city centre surrounding them – are now designated as UNESCO World Heritage Sites. And between 2015 and 2020, major conservation work was carried out in the Canongate, Old Town to restore three 300-year-old tenements to their former glory. Why Choose an Edinburgh Tenement? Tenement-style properties often top the list for Edinburgh flat-hunters, and with good reason! From the stunning stone frontage to the vast rooms, big windows, and ornate cornicing, they have the kind of charming features that modern developments simply cannot match. What’s more, many of the best Edinburgh tenements are within walking distance of the city’s most popular bars, restaurants, and attractions — not to mention the nearby transport links. Want to Learn More About the History of Edinburgh Tenements? Try these links to continue your curiosity: Scotland’s History: Tenement Housing, Carnegie Street, Edinburgh The ‘Penny Tenement’ collapse that changed Edinburgh forever The Canongate Tenements | Edinburgh World Heritage Searching for Edinburgh Tenements? Talk to Cairn If you’d like to call an Edinburgh tenement home, don’t go it alone. Whether you’re renting or buying, Cairn can help you find the ideal property for your situation. Contact us today to learn more. And if you’d like some capital flat hunting tips, read our guide: Flats For Sale in Edinburgh (How to Find Them Before They Go Online).
Edinburgh, Guides, Portobello, Properties
Focus on Portobello (Property & History)
Focus on Portobello (Property & History) Located a mere 3 miles east of Edinburgh city centre, Portobello is a beautiful coastal suburb standing opposite the breathtaking Firth of Forth. Once a popular Scottish seaside resort, it now offers a generous mix of property types and amenities, perfect for families and professionals alike. In this short post, we take a look at Portobello’s history, property, and reasons why you might want to call this particular part of Scotland home. A (Very) Brief History of Portobello Originally known as Figgate Muir, the area now known as Portobello was used as pasture for cattle by the monks of Holyrood Abbey. By the 18th century, it was a haunt for sailors and smugglers. And in 1742, a cottage was built on what is now the High Street by George Hamilton, a seaman who’d served under Admiral Edward Vernon. Hamilton was part of a crew who’d captured Porto Bello (“beautiful port”) in Panama in 1739, and so he named his cottage “Portobello Hut” in honour of the victory. From that point on, Portobello continued to grow and thrive, becoming an industrial town where bricks, glass, paper, soap, pottery, and even mustard were manufactured. In 1833, the town was officially made a burgh, and by 1896, it was incorporated into Edinburgh. Between 1846 and 1964, a railway station provided easy access to the resort town for visitors from all over the country. They would flock to the town for the sandy beach, promenade, amusements, and open-air heated swimming pool, where a certain Mr Sean Connery once worked as a lifeguard. In later years, the arcade amusements and funfair attractions gradually disappeared. However, what remains is a small, sought-after residential area with history and fresh sea air at every turn. And as recently as 2021, it was considered one of the top eight places to live in Scotland by a Sunday Times panel. What About Portobello Property? Similar to many parts of the capital itself, Portobello properties for sale often include gorgeous (and spacious) Georgian and Victorian flats and large terraced houses. But it’s not a town trapped in time. Modern developments have started to pepper the landscape, allowing first-time buyers the chance to get on the property ladder in this picturesque part of the country. Why Choose to Live by the Seaside? Besides the east coast beach and promenade (filled with cafes, restaurants, and bars), you’ll find everything you need in and around Portobello High Street. From independent shops to a butcher, fishmonger, coffee shops, and a bakery, you’ll certainly be well fed! Meanwhile, for those “bigger shops,” you’ve got your choice of Lidl, Morrisons, and a Sainsbury’s Local, while a 24-hour Asda is just a short car journey away. And for entertainment, the nearby Fort Kinnaird shopping centre offers high street brands, restaurants, a gym, and a cinema. If you’re considering Portobello to raise a family, schooling is available for all levels, from nursery to secondary school. And higher education is only a stone’s throw away. Queen Margaret University, the University of Edinburgh, and Edinburgh college are all located in and around the city. Finally, for commuters, the A1 and motorway are both easily accessible. Plus, regular buses run into Edinburgh city centre (and further afield) throughout the day and evening. Ready to Start Your Portobello Property Hunt? Use Cairn We’ve long had a presence in Edinburgh, and we’ve recently opened a brand new Portobello office to better serve those wishing to move to, rent from (or sell from) this stunning seaside town. Interested in buying in Portobello? Or do you need a local estate agent to help you sell or rent your Portobello property? No matter if you’re a house-hunter or seller, Cairn can help. Contact us today to learn more.
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 […]
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.
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.
Edinburgh, Buy To Let, 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.
