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Landlords, Hints & Tips, HMO Properties
7 HMO Licencing Questions Landlords Need to Ask
7 HMO Licencing Questions Landlords Need to Ask Interested in renting out an HMO property? Ask these HMO licencing questions first! HMOs can be fantastic investments, sometimes offering rental yields up to three times higher than traditional buy-to-let properties. However, despite their appeal to landlords, they come with challenges, not least an array of constantly changing legal requirements, costs, and deadlines. Keep reading to discover the 7 HMO licencing questions landlords need to ask. HMO Licencing FAQs: 1. How long does the HMO licence take to come through? One of the most common questions asked by HMO landlords is how long the licence takes to come through. Although you may be in a rush to find tenants and start generating rental income right away, you could need to wait up to 12 months for the licence to be granted. 2. How much does an HMO licence cost? Your first HMO licence will cost £1906, with further applications costing £953. If you run more than one HMO, you will require a separate licence for each home. If your HMO licence application is turned down, the local authority will refund the fee. 3. How long does an HMO licence last? An HMO licence usually lasts for 3 years. You need to renew it before it runs out. Remember that renewing it could take some time, so it’s important to apply in advance of its expiration. There are penalties for running an unlicensed HMO, and landlords who fail to apply for a licence in time could face steep fines. 4. How do I make my HMO compliant with regulations? Many landlords are concerned about ensuring their HMOs are compliant with the latest regulations. There are rules surrounding HMO licencing, minimum room size, gas and fire safety, furniture and furnishings, and more. You can read about HMO landlord responsibilities here. The good news is that when you hire a reputable letting agency that specialises in HMOs, they can undertake a full survey of your property and arrange for any necessary work to be carried out. 5. How many tenants can my HMO have? The number of tenants you can place in your HMO can vary, making it somewhat confusing for landlords. If the property is licenced, then the licence will determine this. Generally, a property is considered an HMO if it’s shared by three or more people who are members of more than two ‘families’. If the property is unlicensed, you can only put two unrelated people in the property unless the owner is also living there too. 6. What do I need to put in the bedrooms? Landlords are required to furnish bedrooms within an HMO with a minimum of a bed, mattress, wardrobe, a chest of drawers, and curtains. There are specific dimensions for these that need to be adhered to. Keep in mind that the furniture you provide must also meet the fire resistance requirements stated in the Furniture and Furnishings (Fire) (Safety) Regulations 1988. 7. Do I need to provide crockery and cutlery as part of the HMO licencing? Since many tenants prefer to use their own crockery and cutlery, you may want to avoid adding these when kitting out the kitchen in your HMO. More often than not, it’s an unnecessary cost and a headache when it comes to providing an inventory to new tenants. Do You Have More HMO Licencing Questions? Cairn’s Got the Answers For further advice on HMO licencing, simply get in touch. We’ve helped many landlords begin profitable HMO businesses in Scotland. We’re here to provide expert advice and guidance.
Landlords, Edinburgh, Hints & Tips, Letting
A Short Guide to Letting in Edinburgh
A Short Guide to Letting in Edinburgh Interested in letting in Edinburgh? Here’s what you need to know. With Edinburgh property as sought after as ever, buy-to-let opportunities haven’t lost their appeal. Average rents are up 39% in the past ten years according to ESPC, demonstrating the fantastic long-term investment potential the rental market offers. If you’re a first-time landlord, read our short guide to letting Edinburgh properties. 4 Things You Need to Do When Letting in Edinburgh 1. Register your rental property Before you can let out your property, you’ll need to register with the City of Edinburgh Council. Since this is a legal requirement, failing to do so could land you in hot water. You could even face a £50,000 fine in some cases. To register as a landlord, visit the Scottish Landlord Register website or contact your local housing department. 2. Understand your responsibilities Letting out your rental property isn’t a simple case of finding tenants and pocketing the rent each month. As a landlord, you have a wide array of responsibilities you’ll need to carry out to ensure you comply with the law. This includes creating tenancy agreements, securing deposits in a tenancy deposit scheme, and arranging Energy Performance Certificates (EPC). You must also take steps to ensure your tenants are safe while living in your property, such as annual fire safety, electrical safety, and gas safety checks. 3. Market your property Don’t underestimate the importance of marketing your rental property when letting in Edinburgh. There are many properties available for rent in the capital, and yours must stand out from the crowd to stand a chance. Although it can be tempting to skip the marketing process to save money, it’s essential when it comes to finding quality tenants who can be relied upon to pay rent on time each month. A local letting agent can market your property using various methods, making sure it’s visible and appealing to as many prospective tenants as possible. 4. Carry out repairs quickly When letting in Edinburgh, you may have to carry out repairs in your rental property. You need to ensure the property meets two sets of standards: the Repairing Standard and the Tolerable Standard. Always carry out repairs in a reasonable amount of time. What is considered “reasonable” depends on the type of repair. If the problem makes the property unsafe, you’ll need to get it fixed as quickly as possible. However, many landlords either don’t have time or live too far away to make or manage repairs to their properties. Fortunately, if you choose a fully managed letting service, your agent can arrange the repairs on your behalf. Letting in Edinburgh with Cairn Property Edinburgh remains one of the best cities in the UK for buy-to-lets. Not only does it have a growing population and a thriving economy with over 50,000 businesses, but it also has six universities, making it ideal if you want to let out your property to students. Work with a reputable Edinburgh letting agent (like Cairn) to maximise the potential of your buy-to-let investment in the Scottish capital. Contact us to learn more about our letting services. .flex_column.av-8egpo-b95516b53cac3006319c6f701afd6499{ -webkit-border-radius:0px 0px 0px 0px; -moz-border-radius:0px 0px 0px 0px; border-radius:0px 0px 0px 0px; padding:0px 0px 0px 0px;
Landlords, Glasgow, Hints & Tips, Letting
A Short Guide to Letting in Glasgow
A Short Guide to Letting in Glasgow Interested in letting in Glasgow? Here’s what you need to know. Buy to let in Glasgow is booming, with demand for rented homes soaring in recent years. Scotland’s biggest city remains an attractive option for students and young professionals, and properties are being built in prime locations targeted at these demographics. According to ECA International, this has driven up rental prices, with Glasgow seeing the highest increase in the UK over the last year. So, if you’re a first-time landlord interested in letting property in Glasgow, read on for Cairn’s most important info, tips, and advice. 4 Things You Need to Do When Letting in Glasgow 1. Register with the local council When renting out properties in Glasgow, you have to register with the local council. Registering your property before letting it ensures it meets the minimum legal requirements. Keep in mind that if you rent out a property before registering with Glasgow City Council, you could face a hefty fine (up to £50,000). To apply for landlord registration, contact the local housing department or visit the Scottish Landlord Register website. 2. Find suitable tenants Finding reliable tenants who will pay rent on time and respect your property is one of the most important aspects of a successful buy-to-let in Glasgow. However, you won’t secure good tenants by accident. Marketing your property will make it more attractive, with appealing visuals giving it the edge over others in the area. A local letting agency in Glasgow can help you market your rental property effectively, helping you find and secure suitable tenants quickly. 3. Understand your responsibilities As a landlord in Glasgow, you have a wide range of responsibilities. As well as drawing up a tenancy agreement and securing the deposit in an approved tenancy deposit scheme, you’ll need to: Arrange an Energy Performance Certificate (EPC); for advertising. Ensure your property meets the Repairing and Tolerable Standards at the start and throughout the tenancy. Meet safety requirements such as installing smoke alarms and carry out a gas, electrical and water system checks. Pay overseas landlord tax (if applicable). And maintain the property’s structure and exterior. You’ll also need to carry out common repairs within the property. Although your responsibilities as a landlord can seem overwhelming, a letting agency can carry out many of these duties on your behalf, making life so much easier for you! 4. Deal with disputes promptly When letting out properties, disagreements happen. For example, perhaps a tenant wants you to repair or replace something, and you don’t think it’s your responsibility. Whatever the reason for the dispute, you’ll need to find a way to deal with it quickly. If you can’t resolve the issue by talking to your tenant, you may consider getting advice from the Citizens Advice Bureau (CAB), the Legal Services Agency, or your solicitor. Many people find dealing with tenants disputes one of the toughest parts of being a landlord. This is why many choose to work with a local letting agency. Having the support of an experienced and qualified property manager with a vast knowledge in the Repairing and Tolerable Standards, as well as a landlords responsibilities will take the stress and worry away from dealing with any difficult disputes. At Cairn, all our staff are fully qualified to ensure they can handle and resolve any disputes quickly and efficiently to the landlords and the tenants satisfaction. Letting in Glasgow with Cairn Property Buying and letting out Glasgow properties can be a fantastic investment, with increasing demand for homes and rising rental prices making it an attractive prospect. However, there’s a lot to consider when renting out a property in the city, with many responsibilities placed squarely on a landlord’s shoulders. Fortunately, a local letting agency (like Cairn) can handle many of these duties, from finding the right tenants to making sure you’re complying with your legal obligations. Contact us to learn more about our letting services. .flex_column.av-qp6g3d-694ba03245f5f999b6d55385abe07316{ -webkit-border-radius:0px 0px 0px 0px; -moz-border-radius:0px 0px 0px 0px; border-radius:0px 0px 0px 0px; padding:0px 0px 0px 0px;
Landlords, Edinburgh
How to Choose Letting Agents in Edinburgh
How to Choose Letting Agents in Edinburgh Need help choosing letting agents in Edinburgh? Read on for our top tips. From marketing and finding the right tenants to collecting rent and carrying out maintenance, there’s a lot to consider when letting out a property. Even if you’re an experienced landlord, the process never seems to get any easier. For this reason, many people choose to use a letting agent to manage their rental property. But how do you pick the right one? Here we share some advice to help you choose the best letting agents in Edinburgh. 4 Tips for Choosing Letting Agents in Edinburgh 1. Seek out local property experts Many letting agents are now moving online, but you shouldn’t underestimate the value of finding local property experts who know the area inside out. Look for an agent who’s already let similar properties near your own. This will ensure that they have in-depth knowledge of the local lettings market and give you the best advice. Letting agents in Edinburgh can provide an accurate valuation for your rental property and also carry out in-person viewings if required. 2. Decide on the service you require There are hundreds of letting agents in Edinburgh. However, not all offer the same level of service. While some offer a fully managed service, others will provide a let-only service. The one you choose will largely depend on how much time and knowledge you have to dedicate to being a landlord. If you want your agent to handle everything for you, from marketing the property to dealing with tenants, you’ll need a fully managed service. If you’re happy to manage the tenancy yourself, but need an agent to find tenants and deal with the paperwork, a let-only service could be more suitable. Decide what level of service you require and look for letting agents in Edinburgh that can assist. 3. Assess their marketing techniques Marketing is crucial when letting out a property. After all, successful marketing is the best route to finding and retaining reliable tenants. So, when looking for letting agents in Edinburgh, be sure to assess their marketing prowess. Where and how well are their properties listed online? Do their photographs/videos showcase a property effectively? How do they make it stand out from the crowd? Do they describe the property with engaging detail? Are they active on social media? The marketing of your property will shape people’s perceptions and ultimately determine if they arrange a viewing or not. It must be up to scratch. 4. Read online reviews When looking for letting agents in Edinburgh, don’t underestimate the importance of reading online reviews. According to GlobalWebIndex, almost half (47%) of all internet users worldwide say that they post reviews about a product, company, or service every month. Reading these reviews allows you to gain insight into a letting agency and helps you establish what level of service you’re likely to receive. Genuine feedback from real customers helps you separate the wheat from the chaff and ensures you choose an agent that will make letting out your property a breeze. Looking for Letting Agents in Edinburgh? Choose Cairn In 2015, HomeLet surveyed 2,000 landlords and discovered that the vast majority (87%) used letting agents to manage their properties. This goes to show how important they are for marketing and managing rental properties. And with so many letting agents in Edinburgh, it makes sense to take your time and choose a company you can rely on. A company that provides a first-class service tailored to your needs. A company like Cairn. Contact us to learn more about our letting services.
Landlords, Hints & Tips
Case Study: Is Your Letting Agent Performing For You?
Case Study: Is Your Letting Agent Performing For You? A mismanaged property isn’t always obvious. Small things, like patchy communication and substandard repairs, can sometimes fly under the radar, while late rent payments and expensive maintenance charges can be explained away as the cost of doing business. This leads to many landlords remaining loyal to their current agent, even if the agent isn’t delivering as promised. Besides, changing agents is too much hassle, right? Well, we’re here to tell you that moving letting agents is actually easier than you might think — and it could save you lots of money. Here’s how one of our clients benefited by making the switch to Cairn: How We Saved Our Client Over £500 per Month Our client had a lovely property in the city centre of Glasgow, managed by a local agent. Unfortunately, the property had sat vacant for a little over a year, which resulted in the dreaded 200% council tax charges. The COVID-19 pandemic was offered up as an obvious excuse for the lack of movement, but when they started receiving bills for over £500 a month, they decided it was time to switch. This led them to Cairn, and within a week, we had their property looking great and on the market. Before moving to Cairn, our client had been told time and again that the rental market was “slow” over the past year. We were delighted to prove this claim wrong. Within a fortnight, we had an application for the property, and in under a month, we had a new tenant in place. What we did to help To make the switch a smooth one, we did the following: Liaised with the current agent, requesting and receiving the necessary documentation for the property. We then reviewed this internally and made a plan of action. Arranged a thorough property inspection to determine the current condition. We then provided quotes for any necessary repairs. Advised the owner of what was required and arranged to undertake certificates/works to bring the property back up to standard. Marketed the property across our website, social media, and the leading property portals. Conducted all viewings, handled the paperwork, and placed a tenant within 4 weeks. What our (very happy) client said: Once those bills for over £500 a month started coming in, enough was enough. We approached Cairn and the switching process was straightforward. They handled almost everything. The only job I had was to arrange key collection. Even though their team appreciated the urgency to get our property back on the market and rented out, I was shocked at how quickly they managed it. I can’t thank the team at Cairn enough for their efforts. They are professional, dedicated, and efficient and I would have no hesitation recommending them in the future. Interested in moving letting agents? Read our simple six-step process. With another letting agent? Get a FREE property audit from Cairn and make sure your obligations as a landlord are being met. Contact us today.
Landlords, Buy To Let, Hints & Tips, Property Investment, Property Partners
Looking for Portfolios for Sale? 4 Things You Need to Consider
Looking for Portfolios for Sale? 4 Things You Need to Consider Interested in portfolios for sale? Read this short blog post for advice. Building a property portfolio can take time, money, and know-how. The best property investors and buy-to-let landlords have built their mini-empires with patience and hard work. But there is a faster way: you could simply purchase a ready-made property portfolio. However, finding portfolios for sale requires careful planning, and in this post, we share 4 important questions you need to ask before you start moving money around. Portfolios for Sale: 4 Questions to Ask 1. Have you done your due diligence? No matter the size of the property portfolio in question, the biggest mistake you can make is rushing in. Prior to investing, you must evaluate the portfolio to understand its true commercial value and potential, and also uncover any risks involved in the purchase. When you work with Cairn, we carry out a review of the cost/benefit opportunities against the investment profile to make sure you’re making the right financial decision. 2. Are the properties tenanted? Buying a portfolio with tenants in situ means you can start making rental income without skipping a beat. It also saves you from the hassle (and expense) of having to market several properties at once, vetting and placing new tenants. Here at Cairn, we specialise in the sale of tenanted properties, so we know how to handle the ins and outs of this process, keeping everyone happy and informed. 3. What developments are planned nearby? Another key consideration when purchasing a property portfolio is to understand the wider landscape in and around your investment. Will new developments (housing, bars, restaurants, schools, transport links, etc.) affect the value of your property in the short and long term? On the one hand, more amenities could make your new portfolio more desirable to potential tenants. However, new housing popping up right next door introduces more competition and could make it difficult to place and retain tenants in the future. In short, make sure you have all the facts before pushing ahead. 4. Do you require HMO licenses? Finally, will your new portfolio allow you to rent one property to more than 3 unrelated people? If so, you’ll need an HMO (House of Multiple Occupation) licence. HMOs are an increasingly attractive property investment idea, boosting yields and spreading risk across multiple tenants. We offer a number of HMO development services, helping you assess your properties for compliance with HMO regulations. Find Portfolios for Sale with Cairn Our property investment services are second-to-none. We can help you assess your objectives for any property investment or development, taking budget, yield, and capital growth expectation into consideration. And once you’ve secured your new portfolio, we’re on hand with a range of property management services to ensure your properties are compliant and maintained to the highest standards. Get in touch to learn more.
Landlords, Edinburgh, HMO Properties, Student Accommodation, Tenants
Renting an HMO in Edinburgh: Advice for Landlords & Students
Renting an HMO in Edinburgh: Advice for Landlords & Students Interested in renting an HMO in Edinburgh? Read on for some important advice. An HMO (House in Multiple Occupation) is any residential property rented by at least 3 people who aren’t from the same household (for example, a family). In doing so, they also share key communal facilities such as a toilet, bathroom, and kitchen. Renting an HMO in Edinburgh comes with plenty of benefits for both landlords and students: Firstly, for landlords, HMOs can provide higher rental yields than one or two-bedroom properties. They also help to spread risk across multiple occupants. Meanwhile, for students, they offer a chance to comfortably live with 3, 4, 5 or more friends. This means you can easily split bills and other living expenses. However, if you’re interested in renting out (or living in) an HMO, there are a few important things you need to keep in mind. HMO in Edinburgh: What Do Landlords Need to Know? As a landlord of an HMO, it’s your responsibility to get an HMO licence and to manage and maintain the property to a high standard. This means you need to: Be a registered landlord Keep important certificates up-to-date Undertake quarterly inspections and fire training Fit smoke alarms on every level Keep fire escapes clear from obstruction Ensure upkeep of communal areas Make sure waste disposal facilities are in place Are you a landlord interested in letting an HMO property? Here at Cairn, we offer a variety of HMO Development and HMO Property Management services. Get in touch to find out more. What About Students Renting an HMO? As a student living in a house share, it’s helpful to understand the rules around HMO properties. Presuming your property has an HMO licence (you can check by emailing hmo.licensing@edinburgh.gov.uk), your landlord is legally-bound to meet certain safety and cleanliness standards. If you feel as though these standards have slipped, and your landlord isn’t responding, you can flag this to Edinburgh city council. They’re responsible for enforcing these standards and can compel your landlord to take the appropriate action. Are you a student interested in renting an HMO in Edinburgh? We manage several licenced HMO properties in the city. Get in touch to learn more.
Landlords, Guides, HMO Properties
Getting to Grips with HMO Licencing
Getting to Grips with HMO Licencing Are you a landlord looking to understand HMO licencing better? Here’s everything you need to know. If you’re thinking about renting your property to 3 or more tenants who aren’t related to one another, then you’re going to need an HMO licence. But what is it? Why does it matter? And what are your responsibilities? Let’s dig a little deeper. So, What is an HMO? HMO stands for House in Multiple Occupation. According to GOV.UK, an HMO is any residential property rented by at least 3 people who aren’t from the same household (for example, a family) but who share facilities such as a toilet, bathroom, and kitchen. It’s also known as a “house share”. Letting your property as an HMO is subject to strict conditions. These include: The property can’t be occupied as an HMO without a licence. Even if you have an application pending and it’s likely to be accepted, letting as an HMO without the correct paperwork will land you in hot water. The maximum penalty for doing so in Scotland is a fine of £50,000 upon conviction. The licence is issued by the local council in which the property is situated. The licence is typically valid for 5 years, but this can vary from one council to another. It may be issued for a shorter period if there are concerns over how the HMO property will impact neighbours. The council has the right to assess your property for potential risks. If you fail to comply with safety regulations, you could face criminal prosecution. It’s therefore vital that you ensure your property is safe and compliant before renting it as an HMO. The number of tenants. By law, you can only rent your property to as many people as stated on your licence. This is checked before your licence is issued. Assessors will inspect your property to see how many people can comfortably live there. If you exceed the number of tenants on your licence, you could face a hefty fine. HMO Licencing: Landlord Responsibilities As a landlord of an HMO, the buck stops with you when it comes to managing and maintaining the property and keeping your tenants safe. To stay on the right side of the law, you must: Be a registered landlord Keep important certificates up-to-date Undertake quarterly inspections and fire training Fit smoke alarms on every level Keep fire escapes clear from obstruction Ensure upkeep of communal areas Make sure waste disposal facilities are in place What Are the Benefits of an HMO? While the rules and responsibilities of renting out an HMO can be overwhelming, the benefits more than make up for it. HMOs can produce far higher rental yields than your typical buy-to-let property, and the demand for shared housing is fairly constant, no matter the economic backdrop. Plus, you can always pass those responsibilities onto a property management company (like Cairn) if you’d rather take a back seat. Interested in letting an HMO property? Here at Cairn, we offer a variety of HMO Development and HMO Property Management services. Get in touch to find out more.
Landlords, Buy To Let, Edinburgh, Hints & Tips
Tips for Letting Edinburgh Property During the Festival
Tips for Letting Edinburgh Property During the Festival Are you a landlord interested in letting Edinburgh properties during the festival? Read on. So, you’ve got yourself an Edinburgh property within walking distance of the most popular Fringe venues, and you’re wondering if you should rent it out for the summer? You’re not alone. Many Edinburgh residents get out of dodge when the Festival rolls into town, and they often make a pretty penny by putting their property on the short-term rental market. But before you let those flashing pound signs cloud your judgement, there are a few things you need to know. Here we share our top tips for letting Edinburgh properties during the world’s biggest arts festival. COVID Disclaimer: At the time of writing, the 2021 Edinburgh Fringe is “under construction”. However, these tips are evergreen and can be used whenever the festival returns to normal, whether that’s this summer or beyond. Letting Edinburgh Properties During Festival Season 1. Make Sure Your Mortgage Allows Short-Term Lets First thing’s first, you need to ensure you’re allowed to market your property as a festival let. You might think that your buy-to-let mortgage has you covered, but this generally requires that you let the property for a minimum of six months. Instead, you need a special holiday-let mortgage — and these are more expensive and difficult to acquire owing to increased risk and uncertainty. Even trying to fly under the radar by putting your property on sites like Airbnb could leave you in breach of your mortgage contract, so while tempting, it’s ultimately not worth it. 2. Don’t Rush Into Anything — Always Vet Your Tenants When you let your property long-term, both you and your tenant are guided by various legal obligations and responsibilities. However, when you let short-term, your tenants may not feel as responsible, given that they’re only staying for a few days or weeks. This means you could end up renting to someone who fails to take care of your property in the same way a long-term tenant would. And this could leave you out of pocket and chasing payment for repairs should the worst happen. Just remember, festival lets are always in high demand, so there’s no need to rush. Take your time and vet your tenants to find someone you can trust with the keys to your property. 3. Move Your Valuables Into Storage Most short-term renters understand that they’ve booked another person’s home for the duration of the festival, so at a minimum, they’ll expect furniture, cutlery, utensils, and other bits and pieces. But they’ll also want to feel at home during their stay. So it’s a good idea to pack away your personal belongings, assorted knick-knacks, photographs, and any other valuables. Also, don’t forget to lock away important documents, like bank statements or passports. Or better yet, take them with you. 4. Take Plenty of Photos (Before & After) Finally, similar to renting long-term, it’s best practice to take plenty of photos immediately before and immediately after a short-term tenancy. That way, you have a record of the condition of the property should you need to pursue the tenant for any damage that occurs during their stay. Interested in Letting Your Edinburgh Property? Talk to Cairn Whether you’re interested in renting Edinburgh properties short-term or long-term, Cairn can keep you right. Get in touch with our Edinburgh property experts today.
