A recent report by a large letting agency chain has revealed that the number of properties purchased by landlords with a sitting tenant has reached its highest level for a decade. This has got us wondering whether this is a new rental trend and if it is something we could see taking hold in West Lothian in the near future.
As high house prices and tougher lending criteria leads people to rent for the long-term, the opportunities for landlords are growing by the day.
However, being a landlord isn’t a fool-proof way of making easy money. Like any major investment, it comes with some potential stumbling blocks despite the obvious rewards.
At Letting Solutions we have come up with a list of the most common mistakes landlords make and, more crucially, how to avoid making them.
It may come as news to some but if you want to be a private landlord in Scotland, you have to be registered.
That’s right, since 2006 – under Part 8 of the Antisocial Behaviour etc. (Scotland) Act 2004 – (almost) all landlords must apply for registration through the local authority in which their rental property is located.
With the government’s recently introduced pension reforms now allowing over-55s to cash in on their whole pension pot and spend it as they wish, fears of a buy-to-let boom have been flagged up.
While there are some drawbacks for savers who are considering becoming ‘silver landlords’, there are also many advantages. And most of the issues can be dealt with by enlisting the services of a good letting agent anyway!
As a landlord, one of the major parts of renting out a property is the process of checking in tenants at the start of their tenancy and checking them out at the end. During the check-in process, an inventory must be prepared, agreed and signed by both parties.
You may have seen that this month it was announced by the Scottish Government that all privately rented property in Scotland will have to adhere to a new mandatory electricity check regime.
Data coming from all angles in the first six weeks of the year indicate a market that is cooling and stabilising after a somewhat frantic past twelve months.
Taking the step of renting out your property is undoubtedly a big one but as many landlords all over the UK will have found out, the rewards are undeniable.
The number of students in the UK now stands at over 2.2m with UCAS reporting an increase in applicants every year. As such, there not many corners of the UK where there aren’t a pool of student tenants looking for accommodation. Continue reading