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23rd Mar 2019

Thinking of Renting out Your Property?

I am looking to rent my property after purchase, is there anything I need to be aware of?

Check out the information below to avoid some common pitfalls.

Deposit Scotland

This is a government approved, tenancy deposit scheme. Deposit Scotland operates to keep both tenants and landlords safe from abuse of the deposit system, by individuals looking to take advantage of their position as either landlord or tenant. After the 2nd of October 2012, landlords must lodge any deposits taken within 30 days or face heavy fines.

Homes in Multiple Occupation

-A home in Multiple Occupation (HMO) is a property occupied by:

-Three of more persons from three of more families;

-Occupied by them as their only or main residence

-Either a house, premises or a group of premises owned by the same person with basic amenities, or some other type of accommodation specified by Scottish ministers.

If purchasing a home of this nature, which you intend to rent out to three of more people from different families, you must obtain an HMO licence from the local authority where the property is situated. If an HMO is required, and there is no license, the operating would be committing a criminal offence.

A short assured tenancy arises when the landlord who has let their property has an automatic right to regain possession of the property after the fixed term of the tenancy agreement has expired, provided sufficient notice is given to the tenant. Most tenancies are short assured tenancies.

Assured Tenancy

If a landlord has let their property using a Tenancy Agreement, the tenant has what is called ‘security of tenure’.Landlords who have an Assured Tenancy Agreement must instead wait until circumstances have occurred giving them grounds to seek a possession order against the tenant-for example when the tenant is in rent arrears.

Need more information?

Need more information? Get in touch with our team using our contact form. Our team can also put you in touch with some of the best landlords in Scotland, that have been tried and tested on several occasions. We conduct regular reviews with our letting agent partners so you can rest assured that you will be receiving a quality service. If you are considering renting out you property, you may want to remove some of your furnishings, it is always best to get in contact with a reliable local removal company. At Your Property Wizard, we work with the best local property services including removal firms, conveyancers, property solicitors and mortgage advisors.

At your property wizard we offer an array of services that can help you buy, sell or rent out your home.

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