Latest rental info for landlords?
Discussion
We've a tenant coming out of a long term let at the end of July, I understand that you now have to satisfy immigration status checks on all new tenancies but is this just a case of your usual ID check and taking copies of documentation or is it now preferable to use an online vetting service maybe to do all this and credit/ background checks as one?
Any recommendations if so?
Thanks
Any recommendations if so?
Thanks
CoolHands said:
Openrent are good. You can get them to do all the vetting etc. But still you must get physical sight of the ID card before you let the tenants actually move in I believe.
I shall look into that thanks. I don't think a lot else has changed from what I gathered so far today. 200Plus Club said:
CoolHands said:
Openrent are good. You can get them to do all the vetting etc. But still you must get physical sight of the ID card before you let the tenants actually move in I believe.
I shall look into that thanks. I don't think a lot else has changed from what I gathered so far today. The last 2 years has seen more changes in legislation and procedural aspect of letting then in the last 25. If you are not uptodate on the rules then dont DIY let. By your question you dont know and would recommend you use a letting agency to get the paperwork correct.
I would concur with the estate agent comment (even though they are typically useless). Mine take away liability or flag where I have some (i.e.: EPC and Smoke Detectors).
Depending on area and service they shouldn't take more than 10-12%, if you don't have that in the property I would suggest working on reducing leverage.
They also help with avoiding the 2am call stating: "the boiler is broken" ... no it isn't broken, you switched it off... ;-)
(This is not meant as a demeaning comment and hope it isn't read as such.)
Depending on area and service they shouldn't take more than 10-12%, if you don't have that in the property I would suggest working on reducing leverage.
They also help with avoiding the 2am call stating: "the boiler is broken" ... no it isn't broken, you switched it off... ;-)
(This is not meant as a demeaning comment and hope it isn't read as such.)
I 8 a 4RE said:
I would concur with the estate agent comment (even though they are typically useless). Mine take away liability or flag where I have some (i.e.: EPC and Smoke Detectors).
Depending on area and service they shouldn't take more than 10-12%, if you don't have that in the property I would suggest working on reducing leverage.
They also help with avoiding the 2am call stating: "the boiler is broken" ... no it isn't broken, you switched it off... ;-)
(This is not meant as a demeaning comment and hope it isn't read as such.)
no that's fine thanks. we've self let for many years, seen a lot of water under the bridge. I just need ensure I cover all the bases. we own the properties outright, and I have a good team of people with skills for fixing things if I cant do them myself. I am looking now perhaps at using an agency for resourcing/vetting the tenant this time as a fixed fee basis. Depending on area and service they shouldn't take more than 10-12%, if you don't have that in the property I would suggest working on reducing leverage.
They also help with avoiding the 2am call stating: "the boiler is broken" ... no it isn't broken, you switched it off... ;-)
(This is not meant as a demeaning comment and hope it isn't read as such.)
Chaps, right now you're at the beginning of following the property management procedures currently in place in Scotland and introduced by successive SNP governments over the last few years. The BEGINNING. And, believe me, there is a mass of regulation and legislation still to come down the line.
Personally I could in no way be bothered to self-manage residential letting concerns any more. Nor could I be bothered operating a property management company because there are many further layers of regulation and legislation for property managers and letting agents on top of the legislation self-managing landlords have to comply with.
Some - most of it - is very good and has quickly led to far higher standards, including of tenancy. A bit of it is simply silly. And it wouldn't be the Scottish Government if a tiny bit of it wasn't crazy - which it is.
One thing applies to ALL of it. Weak or non existent enforcement. So it appears that no-one gives a f
k if you actually ARE properly registered or ARE dealing properly with deposits or ARE getting proper safety certificates. And of course there are some operators who take full advantage of this lack of supervision.
I would go as far as to say that already there probably aren't very many self-managing residential landlords in Scotland who are operating in FULL compliance with all the current regulations and laws. But I would think that within the next decade (when the authorities begin to realise the money making potential of sanctions for non-compliance) enforcement will be far more rigorous at which point self-management will be next to impossible other than for people prepared to do it as a nigh-on full time job.
Personally I could in no way be bothered to self-manage residential letting concerns any more. Nor could I be bothered operating a property management company because there are many further layers of regulation and legislation for property managers and letting agents on top of the legislation self-managing landlords have to comply with.
Some - most of it - is very good and has quickly led to far higher standards, including of tenancy. A bit of it is simply silly. And it wouldn't be the Scottish Government if a tiny bit of it wasn't crazy - which it is.
One thing applies to ALL of it. Weak or non existent enforcement. So it appears that no-one gives a f
k if you actually ARE properly registered or ARE dealing properly with deposits or ARE getting proper safety certificates. And of course there are some operators who take full advantage of this lack of supervision. I would go as far as to say that already there probably aren't very many self-managing residential landlords in Scotland who are operating in FULL compliance with all the current regulations and laws. But I would think that within the next decade (when the authorities begin to realise the money making potential of sanctions for non-compliance) enforcement will be far more rigorous at which point self-management will be next to impossible other than for people prepared to do it as a nigh-on full time job.
tescorank said:
That's been very helpful thanks. Was already aware that the tenant is king lol but I can understand why people with a lot of properties or HMO's might well think it's more hassle than it's worth now. NickCQ said:
^^ Selma don’t you have the risk of ‘self-enforcement’ by clued up tenants? I’m thinking of the UK parallel which is the windfall you can get if a landlord doesn’t hold your deposit in a scheme.
Yes indeed, many dissatisfied and disgruntled people take landlords, letting agents and factors(buildings managers) to task via our Housing and Property Chamber. Have a look at the decisions and you'll frequently see PFEOs and LAEOs (property factor and letting agent enforcement orders) often involving compensatory payments: https://www.housingandpropertychamber.scot/previou...
However one downside is that the HPC is now so clogged up and bogged down with business that everything proceeds at a snail's pace which puts many people off bothering with it.
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