Are you thinking about renting your property for the first time? Read our guide to becoming a landlord.
Talk to your lender and insurer to ensure you have permission to let your property. If you are based overseas for 6 months of the year or more you are classed as a non resident landlord and we have to deduct tax directly from your rental income. You can apply online for an exemption certificate via HMRC to opt out of this and pay any tax due by self assessment. This also means you can offset many of your expenses.
Every landlord needs to register with their local council, this can be completed very easily online via the Landlord Registration website. Please contact us to obtain our agent number in your area.
To meet current legislation your property needs to have mains wired smoke and heat detectors and have the electrical installation and appliances checked regularly. You need to have an annual gas safety check carried by a gas safe registered engineer and a legionella risk assessment.
You also need an EPC (Energy Performance Certificate). This sounds like a lot, don’t worry, our contractors can carry out all safety checks for you in one visit to save time and money. We can also arrange for an electrician to upgrade your smoke alarms if required.
We market on all major property websites and will source suitable tenants on your behalf. We ask for references from potential tenants and carry out credit checks as standard. To comply with current legislation your tenant’s deposit must be protected with a government approved scheme. We use My Deposits Scotland and will look after this on your behalf.
It is important that your lease protects your interests and complies with current legislation. Our tenancy agreement is very robust and prepared by one of the leading property law firms in Scotland. It is updated regularly to ensure compliance.
A good inventory is essential if you need to make a claim via a deposit protection scheme. We use the latest software to prepare a detailed inventory prior to the start of the tenancy, this is typically a minimum of 50 pages long and contains photographs of all areas inside and out. This ensures that both parties have an accurate account of the property.
We always recommend a property visit to discuss your requirements and to see where we can help to make things as easy as possible. Please contact us to book in a time that suits you.