Tenancy Deposit Scheme
Scotland is finally catching up with England as regards the protection of tenant's deposits. No longer will landlords or their agents hold deposits in their own client accounts till the end of the tenancy agreement. Deposits will now be lodged with a third party agency which will take to do with resolving disagreements between landlord and tenant with regard to the deposit when the tenant leaves the property.
Return of the Friends generation
The Mail carries a story on the trend in Scotland for the twenty somethings to stay in leased accommodation for longer than usual. They are copying the characters in the sitcom Friends which sees a group of friends staying in rented property sharing with flatmates. As the credit crunch continues the slump in mortgage approvals has led to a significant increase in the market for long term renting. Before the credit crunch hit in September , annual house price growth in Scotland was 12.2% but the market has slowed after the ten year boom.
People are staying for longer preferring to renew their lease instead of moving on after a year. Many have sold their property and are effectively cash rich but are still cautious and are deciding to take out longer leases so that they can watch how the market is going.
From the 4th January 2009 landlords advertising a residential property for let must be able to provide an Energy Performance Certificate, or EPC, to prospective tenants.
Energy Performance Certificates provide information on a building's efficiency and its environmental impact on a scale from A (the best ) to G (the worst).
The EPC for let properties have a life span of 10 years, but can be updated if the landlord has implemented cost effective improvements.
From the 4th January 2009 it has been a criminal offence to grant a new lease without an EPC. Any landlord who does so may be subject to a fine of up to a max of £5,000.
Before you employ a contractor to carry out an EPC check that they are affiliated with one of the protocol companies listed. Details of these can be found on the web site www.sbsa.gov.uk/eauropean_issues/epcprotocols.htm
We at rentflatglasgow can organize an EPC for you at a competitive rate .Email us now for a quote.