What do I need to do to let my property?
For new landlords it is an exciting time preparing your property for letting. With the anticipation of the extra income, the beginning of a new chapter in your life and potentially the start of a lifelong passion for property, it is a wonderful opportunity and investment prospect.
However, it can also be daunting with regulatory requirements, legislation and the extra cost involved in preparing your property for letting. There can also be some concern about finding the best possible tenant, at the right rent, for the longest possible term, in the shortest amount of time!
Cox & Co’s Top 6 Steps to Letting your Property
Here are our top 6 things you need to consider when letting your property;
- Register as a Landlord
- Check your Property meets the Repairing Standard
- Get Certified
- Select the best letting agents
At Cox & Co we are here to help you every step of the way and can alleviate these concerns for you. Here are the basics to get you started as a new landlord:
Register as a landlord
You have to be a fit and proper person and be registered with the Scottish landlord register – //www.landlordregistrationscotland.gov.uk/ . it costs £55 to register (per local authority you are registering in) and £11 per property being registered.
Check your property meets the repairing standard
The repairing standard, as set out in the Housing Scotland Act (2006) Chapter 4 section 13 – //beta.gov.scot/publications/repairing-standard/ – it provides a basic overview of the physical requirements within a property that need to be met before it is let, and that need to be maintained whilst it is let to a tenant. Under the standard there must also be provision for the detecting and warning of fires, provision of a carbon Monoxide alarm and also adequate electrical checks completed (see EICR below).
A number of certificates are required before a property can be advertised:
- Energy Performance Certificate (EPC) valid for 10 years
- Electrical Installation Condition Report (EICR) valid for 5 years or less if specifically stipulated by the Electrician providing the certification
- Portable Appliance Testing (PAT) annual tests required – only needed where plug in electrical goods are to be provided by the Landlord
- Gas Safety Certification (GSC) annual tests required – only needed where gas is present in the property.
Where a property has 3 or more bedrooms and where it is the intention of the landlord to let the property to at least 3 (unrelated) people who share the Bathroom/toilet and Kitchen a House in Multiple Occupancy (HMO) license is required. An HMO license has a number of extra requirements including extra Physical requirements and Certification requirements. For more information on licensing and HMO requirements contact your local authority or use the governments website – //www.gov.uk/house-in-multiple-occupation-licence-scotland
The decision to furnish a property can in most cases allow the property to be promoted to a much larger market. We recommend landlord’s only leave furniture that has no personal value and that can be replaced quickly and easily where necessary. It must also meet the standards of fire retardancy and be suitable for purpose.
Selecting the right agent
Marketing and managing your own property can be time consuming, frustrating and worrying. So why take on the burden yourself when a letting agent can do it for you? Cox & Co one of the best letting agents Edinburgh has to offer provide our clients with a bespoke service to accommodate their wishes and requirements and can be as hands on, or off, as is required. We seek to get the best possible tenants, to stay for as long as possible for the highest rent we can achieve. We have access to a number of marketing portals to get your property the exposure it needs to generate as many viewings as possible.
We typically don’t do first come first served and instead favour an application process so that a full assessment can be made on each prospective tenant to allow our clients to make an informed decision on who to select for the property. We carry out reference checks and take deposits and arrange for the most up to date lease types to be signed and set up. We can provide a fully managed service or let only service for our clients, tailoring it to their needs.
For a free valuation and review of your property by one of our Lettings team, please call us and we can help take the worry and stress out of letting for you.