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Landlords, Edinburgh, 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.
Landlords, Legislation
Legislation Update – Answers for Landlords
Legislation Update – Answers for Landlords Rent increase and eviction ban Scotland Following our last blog on the rent increase and eviction ban issued on 6th September 2022, Cairn have been working hard in the background to obtain answers for landlords on how this will work in reality. We have received update today that The Cost of Living (Tenant Protection) (Scotland) Bill has now been published: Cost of Living (Tenant Protection) (Scotland) Bill 2022: overview – gov.scot (www.gov.scot) Overview of Bill The Scottish Government have produced this Bill, as it is believed that people who rent in Scotland are the most at risk of poverty due to the financial crisis. The emergency measures have been implemented to: Protect tenants with the cost of living crisis by stabilising housing costs Lessen stresses and impacts on the wellbeing of tenants by evictions being banned. Give tenants more time to find alternate accommodation when facing eviction Reduce unlawful evictions and also raise the level of damages paid to a tenant by the landlord if unlawfully evicted. If passed, the Bill intends to place an immediate ban on rent increase notices and a moratorium on evictions until at least 31st March 2023. Wording has also been included to allow legislation to be extended by two further periods of six months with Parliamentary approval. However, there is a requirement for legislation to be examined and reported on, every 3 three months to ensure that the Bill is proportionate and reflects the changing economic crisis. Rent increase ban The emergency legislation aims to set a permitted rate of rent increase, known as the ‘rent cap‘. The cap will be set to zero from 6th September 22 to at least 31st March 23. However, the Scottish Government do have the powers to vary this cap to take into consideration the economic crisis on a wider scale which we sincerely hope will be investigated, as it is not only tenants whom are struggling from the current crisis. The cap applies to any rent increase proposed on or after 6th September 22 and no rent increase can be issued whilst the cap of zero is in place. This legislation does not affect rent changes/increases between tenancies. The legislation does take into consideration the impact the cost crisis is having on landlords and has been updated to allow landlords to apply to a Rent Officer to increase the rent to cover some of the ‘prescribed costs‘ in the preceding six months. Prescribed costs are mortgage interest payments (for the let property) and landlord insurance (other than buildings or contents insurance) / service charges which the tenant is responsible for per the terms of the lease which the landlord has had to pay. The landlord will be required to provide evidence to the Rent Officer and where authorised, the landlord would be able to increase the rent by the lower of 50% of the increase in the ’prescribed costs‘ in the preceding six months, or 3% of the current rent level. Landlords and tenants will also have the ability to appeal the Rent Officers decision via the First-tier Tribunal for Scotland. Rent increases issued before 6th September 2022 It has been confirmed in the legislation that rent increase notices issued before 6th September 22, will still be enforceable after the required 3 month notice period to the tenant. However, tenants also has the right to apply to the Rent Officer to challenge any notices issued if they believe the increase has been set at an unfair level. Eviction ban The moratorium will stop enforcement action for induvial evictions over the next 6 months. However, safeguards have been implemented to allow enforcement of evictions in certain circumstances, these include: Cases of antisocial behaviour and criminal behaviour Cases of abandonment Substantial rent arrears (where at least 6 months worth of rent is owed at the point the eviction order is issued) Eviction applications submitted / orders issued before 6th September 2022 If an eviction order is granted before this legislation comes into force, or if a landlord has submitted an application for eviction with the Tribunal before the legislation comes into force, the case will not be affected by the moratorium. This also applies to an eviction notice issued to the tenant before 6th September 22 as these should still be enforceable in line with current legal requirements. Increases damages for unlawful evictions These changes have been implemented to discourage landlords from conducting unlawful evictions and if passed, seek to increase the award to tenants to the maximum amount of 36 months worth of rent. There is also a requirement being placed on the Tribunal to notify the relevant authorities (Police / local authority / landlord registration), that an order has been made against the landlord. With the ever changing legislation being implemented on private residential landlords, it is imperative that landlords employ reputable and qualified agents to manage their properties in Scotland. This will ensure legislation is being followed and that the most recent and correct advice on how to manage tenancies is being received. At Cairn, we have fully qualified and friendly staff waiting to assist landlords with management of their properties, we also have an in-house Compliance Manager who is both ARLA and LETWELL qualified to assist landlords with more difficult tenancy issues. Please do not hesitate to contact us to obtain further information on our management services.
Landlords, Glasgow, Hints & Tips, Letting
Glasgow Letting: New Landlords, Read This
Glasgow Letting: New Landlords, Read This Discover everything you need to know about Glasgow letting for first-time landlords. Perhaps you’ve moved in with a partner and you don’t want to sell your property. Or maybe you’ve had to relocate temporarily for work and you want to hang on to your investment. Either way, if you’re thinking of letting out your Glasgow property for the first time, this one’s 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 Glasgow letting? What you need to do before renting out your home One of the first things you need to do before you rent out your home is to make sure your mortgage lender allows it. You’ll need to ask for “consent to let” (which is typically for a set amount of time) or you may need to switch to a buy-to-let mortgage. Otherwise, you run the risk of breaching your mortgage contract, and this could result in your lender demanding instant repayment of the full mortgage balance. Next, you’ll need to contact your insurance provider and amend your 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 Glasgow HMOs here. What you need to do once you’ve secured your tenants 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. If you want to be a DIY landlord, you’ll first need to Conduct all viewings of the property Conduct referencing off all tenants Take deposit and move in 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 this 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 local authority & the properties utility providers that a tenant is moving in (and that you no longer live there) so that the Council Tax account & Energy accounts can be updated. You should also let your tenant know that you’ve done this. Throughout the tenancy: Respond to reactive maintenance / emergency out of hour issues (weekends and evenings) Conduct periodic inspections of the property Handle tenant complaints Neighbour complaints Collect rent / chase rent if in arrears At the end of the tenancy: Conduct 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 dipping your toe into the world of Glasgow 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.
Landlords, Buy To Let, Legislation, Property Investment
Tax Breaks for Landlords: Will Holyrood Follow Suit?
Tax Breaks for Landlords: Will Holyrood Follow Suit? It’s all change in the UK. We have a new Prime Minister, a new Chancellor, and a new (mini) budget. For landlords in England and Northern Ireland, the tax breaks described in Kwasi Kwarteng’s budget could represent tens of thousands of pounds in savings. But for their Scottish counterparts, it’s simply a case of waiting to see if Holyrood (the Scottish Government) follows suit. In this short blog post, we recap the mini-budget’s impact on landlords and share some thoughts on Holyrood’s potential response. How will the mini-budget affect landlords? In case you missed it, here are the main points from the mini-budget that’ll affect landlords: The basic income tax rate will be cut to 19p (from 20p) from April 2023. The 45% higher rate will be abolished and replaced with a single higher rate of 40%. Stamp duty land tax will be cut in England and Northern Ireland. The limit for buyers will be raised to £250k (from £125k) — or £425k for first-time buyers. The planned increase in corporation tax has been cancelled. It will remain at 19%. The planned rise in National Insurance contributions will be reversed from 6 November. According to an analysis by tax firm Blick Rothenberg in the Telegraph, the corporation tax rate remaining at 19% will save an incorporated landlord with £250,000 in rental profits £15,000 a year. Meanwhile, the change in Stamp Duty rates means landlords buying property worth up to £250k will have less to pay. Previously, buy-to-let investors had to pay a 3% surcharge on purchases up to £125k, and a further 5% on anything between £125,001 and £250k. Now it’ll be a straight 3% up to £250k, 8% between £250,001-£925,000, 13% between £925,001-£1.5m and 15% for anything £1.5m+. Example: Under the new rules, Stamp Duty for a property worth £249,000 in England will be £7,470, down from £9,950 under the old rules. However, much of this will not affect Scottish-based landlords The cut in additional rate income tax (from 45% to 40%) on earnings above £150,000 won’t apply in Scotland. The rate in Scotland will remain at 46% for the time being. Similarly, the cut in basic rate tax from 20p in the pound to 19p won’t be seen in Scotland. And the Stamp Duty cut will only apply in England and Northern Ireland. Scotland has its own system: Land and Buildings Transaction Tax (LBTT). The current LBTT rates mean buy-to-let investors need to pay a 3% surcharge on purchases up to £145k, 5% between £145,001-£250,000, 8% between £250,001-£325,000, 13% between £325,001-£750,000 and 15% for anything £750,001+. So, for a £249,000 property in Scotland, LBTT is currently £12,040 — a significant difference from south of the border. Will Holyrood mirror Westminster? That is the question. And right now, the answer seems to be “no.” The First Minister, Nicola Sturgeon, has heavily criticised the Chancellor’s decision to abolish the top rate of income tax and has hinted that she has no interest in “blindly following suit”. As it stands, the Scottish Government probably won’t make a final call on income tax rates until its draft budget is presented to Holyrood. We’ll be keeping a close eye on developments. If you’d like to get more posts like this in your inbox, sign up for our regular newsletter.
Landlords, Buy To Let, Hints & Tips, Property Investment, Tenanted Properties
5 Big Advantages of Buying Tenanted Flats
5 Big Advantages of Buying Tenanted Flats Here, we explain the benefits of buying tenanted flats and how Cairn can help. Interested in property investment? Imagine you could skip the marketing, viewings, and tenant vetting and get straight to the monthly rental income. With tenanted flats, you can. Put simply, these are flats with tenants already in place. And there are several benefits to going down this route. In this short post, we share the 5 biggest advantages of buying a tenanted flat. Related: Selling a Property with a Tenant in Situ – What to Know What Are the Benefits of Buying Tenanted Flats? 1. Tenanted flats are fixed-price investments One of the best things about buying a tenanted flat is that they’re often marketed at a fixed price. This means if you meet this price with your offer, you’re more than likely to seal the deal. Fixed price properties are typically sold on a first-come, first-served basis, and you’ll rarely get involved in a costly bidding war. This can be particularly attractive if you have a set budget and you don’t want to stretch beyond it. 2. You get cash flow from the word go Another huge benefit of buying a tenanted flat is that you get immediate cash flow. The property won’t be sitting empty after you buy it, and you won’t need to spend time and money searching for new tenants. It’s regular and reliable rental income from day one. And the added bonus of having tenants in situ is that they’re less likely to request expensive improvements, repairs, or refurbishments (as the previous landlord will need to deal with them before selling). 3. You get tenants with a track record Finding the right tenants for a vacant property can take time. You’ll want to make sure they have the means and character to make their rental payments on time each month. And sometimes, you won’t know they will until they’re in place. With tenanted flats, you’ll have all this information available before buying. You can check their payment history and ask the current landlord for a character reference. 4. You’ll have complete confidence in compliance Another major consideration when buying-to-let is the responsibilities you’ll have as a landlord. This extends to ensuring safety checks are carried out regularly and mandatory safety certificates (for fire, gas, and electricity) are in place. When you buy a tenanted flat, all of this documentation will already be arranged. It’s simply transferred to you, so you’ll know when the next checks are due. And if you stick with the existing letting agent, they can organise them on your behalf, giving you complete peace of mind that the property will remain compliant. Read more: Landlord Legislation & Responsibilities 5. You know it’s been sourced (and checked) by a reputable letting agency Buying any rental property comes with risk, but that risk can be reduced when you buy with tenants already in place. A reputable local letting agent can conduct an in-depth audit of the property to ensure it’s a sound financial investment — and with the advantages described above, you’ll be in a solid position to start recouping money on your purchase from the outset. At Cairn, we’ve helped many buy-to-let investors source and purchase tenanted flats. Our team can offer expert advice and guidance to new and experienced investors. Interested in Buying Tenanted Flats? Let’s Talk As you’ve discovered, buying tenanted flats offers plenty of advantages. If you’re interested in learning more, contact Cairn today to discuss the investment opportunities available to you.
Landlords, Buy To Let, Hints & Tips, Letting, Services, West End
How to Choose the Right Glasgow West End Letting Agents for Your Rental Property
How to Choose the Right Glasgow West End Letting Agents for Your Rental Property Are you a landlord looking to rent out a property (or properties) in Glasgow’s West End? Working with the right Glasgow West End letting agents can make a world of difference. Here, we explain all. For many buy-to-let investors in Glasgow, investing in the city’s iconic West End is a no-brainer. This much sought after location combines glorious green space with bustling cafes, trendy bars & restaurants, and countless transport hubs and local amenities. Popular with students and young professionals alike, rental properties are constantly in demand. And if you’re thinking of adding to your portfolio in this part of the city (or you’re looking for help managing your existing properties), working with expert Glasgow West End letting agents is a must. Here, we explain how to shortlist and choose the right agent. What Should You Look for in Glasgow West End Letting Agents? In our experience, there are three key questions you should ask yourself when shortlisting your Glasgow West End letting agents. Let’s explore in more detail: 1. Are they local to the area? Whether you live elsewhere in the city, the country, or overseas, when you appoint a letting agent to look after your property (or properties), it pays to work with someone local to where your portfolio is situated. That way, you know you have boots on the ground if your tenants require any help or advice, of if an emergency situation arises, such as flooding or fire. Cairn is located on Gibson Street, smack dab in the middle of the busy Kelvinbridge area. We’re a stone’s throw from Kelvingrove Park and 5 minutes from the University of Glasgow. While other letting agents might claim to keep an eye on the West End, our staff know it inside out. 2. Do they have experience dealing with student lets and HMOs? A large proportion of the renters in the West End are made up of students attending one of the city’s major universities or colleges, many of which are easily accessible from this part of the city. When you’re choosing a West End letting agent, they must have experience in dealing with student lets and HMOs. With so many rules and regulations you need to adhere to as an HMO landlord, you need to know you’re in safe hands and on the right side of the law. At Cairn, we invest heavily in our people, our staff are both qualified and abreast of legislation to help ensure we meet your obligations as a landlord. In investing to ensure our staff are Letwell and ARLA qualified, we also have an in-house specialist in first tier tribunals and compliance, where normally a landlord would have to pay extensive solicitor fees, our dedicated team keep you compliant. We’ve been dealing with students and HMOs since day one. Discover why we’re the best letting agents for Glasgow students here. 3. Do they have trusted local trade contacts? Above all else, you should have complete peace of mind that your investment is being maintained to a high standard. And a crucial part of this is making sure your West End letting agents have the right processes and contacts in place to safeguard the condition of your portfolio. When you work with Cairn, we carry out regular inspections and report directly to you. We also deal with any queries or property management issues, and we arrange appropriate (and vetted) contractors to carry out any repairs. See more: Management Services Cairn: Proudly Serving the West End of Glasgow Since 1999 Thinking of working with Glasgow West End letting agents? Choose Cairn. Contact us today and speak to one of our friendly (local) property experts.
Landlords, Buy To Let, Hints & Tips, 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.
Landlords, Edinburgh, 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.
Landlords, Buy To Let, Glasgow, Property Finance, Property Investment
Glasgow Property Investment: 5 Reasons Why You Should Invest in Glasgow
Glasgow Property Investment: 5 Reasons Why You Should Invest in Glasgow Interested in Glasgow property investment? You’re in the right place. Glasgow has become an increasingly popular option for buy-to-let investors in recent years. As well as benefitting from surprisingly affordable house prices and high rental yields, landlords are also attracted by the city’s booming population and thriving economy. Read on to find out why Glasgow property investment is such a good idea. 5 Reasons for Glasgow Property Investment 1. Population size With Glasgow City Council recently approving its ‘City Centre Living Strategy’, the population of the city centre is set to grow significantly in the coming years. The aim is to double the number of people living in the area, with a target of 40,000 to be reached by 2035. To achieve this, vacant commercial space will be converted, brownfield land developed, and new public spaces created. This is great news for landlords since a higher city centre population means an increased need for quality rental properties. 2. A growing student city Approximately 67,000 people – more than 11% of Glasgow’s total population – are enrolled in higher education. In addition to prestigious universities like the University of Glasgow, Strathclyde, and Glasgow Caledonian, there are many other top colleges and specialist learning facilities. People come from all over the world to study here. And, of course, all these students need somewhere to live, leading to high demand for rental properties. Glasgow plays home to a lucrative HMO market which our team of specialists can help you navigate. To rent a property to 3 or more persons the Landlord must have an HMO licence in place to cover them as Duty holder and the property. We will take you through the HMO application process and procedures to ensure a full 3 years licence is achieved. Licences must be renewed every 3 years and properties can be inspected at any time by an HMO department or Fire Scotland. Maintaining a good property history is crucial both to passing inspections and ensuring your licence is renewed. We will carry out an initial inspection to advise you of any remedial works need to bring the property up to HMO standards our inhouse maintenance team will organise competitive quotes. Student property can be an extremely lucrative investment opportunity for landlords. In a recent report carried out by BVA BDRC on behalf of Paragon Bank, it was revealed that landlords who have student buy-to-lets in their portfolios are consistently achieving higher rental yields compared to those who don’t. 79% of the landlords surveyed said that high rental yields are what make letting to students so appealing. Read more: Buy-to-Let Glasgow Hotspots: Where to Look? 3. Thriving economy Glasgow’s is the fastest growing economy in the UK, significantly outperforming other core cities in recent years. Its industry has evolved greatly over time, moving on from its shipbuilding past to become a leading hub for sectors including technology, finance, sciences and tourism. More than 48,000 businesses (making up 28% of Scottish companies) call Glasgow home, providing more than 856,000 jobs (34% of the Scottish total). The city’s thriving economy is one of the biggest reasons many buy-to-let landlords choose to invest in Glasgow. 4. Future infrastructure developments Glasgow will soon be an even more desirable place to live, thanks to future infrastructure developments. The City Deal will fund several major infrastructure projects, with £400 million set aside to upgrade and regenerate the city centre, Sighthill and the canal area, Calton and the Barras, Collegelands, the Clyde waterfront and the West End. 5. Affordable house prices and rising rents According to statistics from Zoopla, in November 2021, the average price for property in Glasgow was £214,765. This is significantly less than the UK average of £264,000. When you couple this with the fact that rents are rising at the fastest rate ever recorded, this makes Glasgow a highly desirable option for landlords. The city has some of the best yields in the UK. As you can see, there are so many reasons for landlords to invest in Scotland’s biggest city. To learn more about the best Glasgow property investment opportunities, talk to one of our experienced team today.
