Thinking of letting out your property but not sure about the first steps?
There are lots of factors to take into consideration when letting your property out and, it can be a daunting task. Below are some quick pointers from our Lettings Director, Trevor:
CHOOSE AN ARLA PROPERTYMARK PROTECTED AGENT
ARLA Propertymark is the letting industry’s regulatory body. Members must comply with a code of practice and byelaws for professional standards and best practices. For ARLA Propertymark members it’s The Property Ombudsman Code (TPO Code of Practice). More information on ARLA Propertymark can be found here.
CHECK YOUR MORTGAGE
You are legally required to inform your lender that you intend to let your property out. Some mortgages contain clauses which won’t allow you to let on your existing mortgage, while others require notification to grant ‘consent to let’.
Every landlord is required to register themselves as a landlord with the council. You are required to renew your registration every 3 years. Click here to find more information on the Scottish Landlord Register.
PREPARE THE PROPERTY
Have the property well presented. At the very minimum, rooms are likely to need to be decluttered and repainted. To achieve a better rent, more works may be required. Why not take a look at our blog on preparing your property for professional photography here?
Tenants will be advised to get contents insurance for their possessions, but you’ll need specialised rental insurance for the building and any contents you leave. Unfurnished properties still require to be insured for your possessions such as carpets, flooring, curtains and white goods.
Your property will need to have a number of safety tests/certificates to make sure it is safe to let out and provide the evidence to the tenants. Some of the checks include, a gas safety test, a fixed wiring electrical test, a portable appliance test, legionella risk assessment and annual services should be completed for any oil or solid fuel appliances.
Statutory guidance provided by the Scottish Government dictates the requirements for smoke and heat alarms in tenanted properties.
Energy Performance Certificate – As of the 1st April 2020, if your property has an EPC rating of F or G, you will need to take action to be able to continue to rent your property after this date.
To give your property the best chance of being rented, you should always have it clean and tidy for viewings. Prior to your tenant moving in you should have it cleaned to a professional standard.
Have an independent inventory carried out, this is especially important to help avoid dispute when the tenancy comes to an end.
There is certianly lots to consider when bringing your property to the rental market but we are here to help you through every stage of the process! If you would like further information on the services we provide don’t hesitate to call our office on 0131 226 5050 or drop Trevor an email at [email protected].
If you are interested in exploring what your property could be worth on the rental market, why not get a free and instant rental valuation by following the link below?