Letting out your property may seem like a daunting task, however at Edwin Thompson we are on hand to guide you through the process. As part of our letting services, we can offer an initial property visit and appraisal. Our experienced Letting Agents call on their knowledge of the local area and the rental to market to advise on the rental price achievable at that time for your property. We would also offer advice on any improvements which could be made to enhance the property’s appeal and also in turn provide a greater rental income. This service would also include providing advice on the preparation of your property for let including guidance on all safety and regulatory requirements. Here is a brief look at what those regulatory requirements are.
Any gas appliances and flues in a property must be safety checked annually by a qualified Gas Safe registered engineer. Landlords are required to ensure the continued safety of the pipework, appliances, and flues by carrying out maintenance work.
Landlords must ensure national standards for electrical safety are met and that electrical installations in their rented properties are inspected and tested by a qualified and competent person at least every 5 years.
Portable Appliance Testing or PAT Testing is recommended on an annual basis.
In order to comply with the repairing standard there should be at least: one functioning smoke alarm in the main living area; one functioning smoke alarm in every circulation space on each storey; and one heat alarm in every kitchen. All alarms should be ceiling mounted, and all alarms should be interlinked.
Landlords have a duty to assess the risk from exposure to Legionella to ensure the safety of their tenants. Landlords should review the assessment periodically and tenants should be advised of any control measures put in place that should be maintained.
Carbon Monoxide (CO) Detection
Landlords must ensure that all combustion appliances such as boilers, fires (including open fires), heaters and stoves fuelled by solid fuel, oil or gas correctly installed and maintained and that their property has satisfactory provision for giving warning if CO gas is present in a concentration that is hazardous to health.
Energy Performance Certificate (EPC)
All properties must have a valid EPC and this must be displayed on any marketing material. Due to the pandemic, the government has paused the introduction of minimum EPC regulations. However, it is expected that, once introduced, these regulations will require rental properties to have an EPC rating of D by 2025 (and by 2022 if there is a change in tenant).
Private landlords in Scotland are legally required to apply for registration with their local authority. Registration needs to be renewed every three years.
As a landlord, you must normally pay income tax on any profit you receive from any rental properties you own. Any profit must therefore be declared to HMRC.
If the property is subject to mortgage finance, it is essential that the lender has given consent for the property to be let out.
It is also important to ensure that the appropriate insurance is in place.
As part of our full management services, on an ongoing basis we will arrange all safety testing and certification on your property using our network of experienced and trusted contractors and provide copies of certification to tenants.
If you wish to discuss the services we can provide to you and the options available to your property, or have any questions relating to upcoming changes to the rental sector, please do not hesitate to contact our Galashiels office by telephone on 01896 751300 or by email on firstname.lastname@example.org.
Post written by Denise Leighton from our Galashiels office.