Typical 1 bed properties command an average of £544 per month in the Scottish capital which is an annual increase of 1.9%. The 2 bed properties in Edinburgh have fared even better with an average rent of £720, a respectable increase of 3.7% compared to this time last year. The top performer however is the 3 bed property which stands head and shoulders above the rest with a 5% annual increase making the average rent £1,028.

The trend is bucked by 4 bed properties which have taken a slight hit, experiencing a 1.3% fall in rental value. Please bear in mind that 4 bed properties took an average of 58 days to rent in the last quarter which has now reduced to just 30 days. This considerable reduction in the “time to let” figures was achieved by overcutting the rents on these properties and I anticipate these figures to stabilise over the next quarter with 4 bed properties showing an increase in monthly rent from June 2012 onwards.

Contact Atlas Lettings for free and impartial advice

Our friendly and experienced team at Atlas Lettings can offer expert advise on Buy To Let Property In Edinburgh and provide Edinburgh Landlords with superior Property Letting services including Let Only and Full Property Management In Edinburgh.

Kind regards,

Julian England (Property Manager)

Whatever your reason for becoming a landlord there comes a time when we realise that we have not just made an investment in property but we have also adopted a new lifestyle. Our investment property is never far from our minds, as it demands constant nurturing and attention to make it a viable concern. But is it all worth it?

Landlords have taken a financial battering over the past 4 years. With house prices falling and stagnating in quick succession our capital gains have been very weak. So what is the upside to Property Investment?

No Expertise Required.

Let’s face it, the process of acquiring a property is quite simple and even more so if it’s inherited. Letting agents and other property experts’ can offer advice on the best type and size of property to invest in and which area provides the most favourable rental return and capital gains potential. Mortgage Advisers can simplify the whole process of selecting a suitable mortgage type and help you choose the best LTV.

Borrowing the Money

Ok. It’s not as easy as it used to be, but nevertheless property does offer you great leverage. Say for example you save £30,000 and buy a house for £200,000. If your property doubles in value over the next 12 years you’re looking at £200,000 gain (excluding expenses). During a down cycle this can also count against you, but sensible property investment has always been about the long term.

Supply & Demand

With an ever expanding population and a trend towards single habitation, demand for housing is going to outstrip supply. The government is also making very little provision for affordable housing which can only lead to increased rents and house prices in the future market.

Contact Atlas Lettings for free and impartial advice

Our friendly and experienced team at Atlas Lettings can offer expert advise on Buy To Let Property In Edinburgh and provide Edinburgh Landlords with superior Property Letting services including Let Only and Full Property Management In Edinburgh.

Kind regards,

Julian England (Property Manager)

Edinburgh Letting Agents & Landlords should ensure

Complete understanding of their responsibilities, as the complete deposit will be returned to the tenant if your case against them cannot be proven.

A meticulous inventory & schedule of condition is in place at check in and check out. This will highlight any deterioration of your property and should ideally be backed up with photographic and/or video proof.

Sufficient funds are in your account for transferal into the deposit scheme as failure to transfer new deposits within 30 working days can result in a legal penalty of up to 3 times the deposit value. Some landlords and agents use deposits as working capital and should be mindful of condition.

Tenancy Agreements are modified to comply with the scheme rules which make the process of the scheme and responsibilities of the tenant perfectly clear. Please state clearly and concisely what breaches of the tenancy agreement can be remedied by a deposit deduction.

End of tenancy procedures have been reviewed as the deposit deductions will not be immediately available to fund any repairs to your property. In order to maintain a rapid “turnaround time” and to reduce the possibility of void periods landlords and agents will need immediate capital to carry out these repairs. A cash fund will be required for this eventuality.

Audit trails are ready. Keep a record of all important emails faxes and letter as these can be used to resolve a deposit dispute. If you have forbidden the tenant to redecorate for example, make sure this is recorded in writing.

Invoices and estimates for property repairs are accurate and match the details picked up in the check-out inspection.

If you are one of our landlords please rest assured that we will take care of all of the above issues for you and we are proud to announce that we will use the services of Safedeposits Scotland to ensure that the changeover runs as smoothly as possible.

Safedeposits Scotland (A free/charitable company) has submitted a bid to the Scottish Government to operate a Tenancy Deposit Protection Scheme & once approval has been granted they will ensure that:

 All tenancy deposits are securely held and protected.
 All disputes about the return of the deposit are resolved quickly, cheaply and fairly.
 The highest standard of expert impartial dispute resolution will be applied using our independent team of adjudicators which will include specialists in Scottish property law.

All landlords currently using Atlas Lettings Full Property Management Service will be issued with a new contract relating to these changes.
The amendment to the contract will allow Atlas Lettings the right to charge the landlord an hourly fee for organising and presenting records to the arbitrator. This will only be carried out when a tenant’s deposit dispute arises and under the strict instructions of the landlord. All works relating to this task will be charged at a rate of £15.00 per hour.

Contact Atlas Lettings for free and impartial advice

Our friendly and experienced team at Atlas Lettings can offer expert advise on Buy To Let Property In Edinburgh and provide Edinburgh Landlords with superior Property Letting services including Let Only and Full Property Management In Edinburgh.

Kind regards,

Julian England (Property Manager)

Music definitely has charms to sooth the savage beast, but it always has the potential to create one.

Scotlands local authorities received over 55,000 complaints about noise nuisance last year. It is generally thought that these officially reported complaints form the small tip of the noise nuisance iceberg. Residence often fail to make an official complaint for a number of reasons, such as fear of reprisals or a lack of awareness of the complaints system.

Hearing is the guardian of our senses and has adapted to constantly monitor our environment for any sign of threat. Noise will therefore create constant arousal which can deprive us of quality sleep and have a tremendous impact on our health and well-being. The lack of consideration and understanding demonstrated by noisy neighbours can also add considerable fuel to the fire, resulting in uncharacteristic emotional outbursts towards them.Incidents of noise nuisance can have some very disturbing outcomes with the worse cases degenerating into suicide, violence or even murder.

In 1991 John Roach, 37 of Farnborough Hants was killed by his neighbour Eric Seall, 32, who was “driven mad” by the sound of his television turned up “very loud” day and night. Roach fell down a flight of stairs during a fight and fatally fractured his skull.

In February 1994 Valerie Edwards, 47, a charity worker from Romney Avenue, Lockleaze, Bristol, died of pneumonia after sitting in a park near her home for several nights in the cold and rain to escape the noise from her neighbour.

Please don’t be too alarmed. A vast majority of cases can be settled with a few polite words, but failing this, there are some important steps you can take to resolve the situation.

Firstly, always keep a record of the event in a diary listing the type of noise, the volume, the source of the noise and the time and date of the event.Any attempt at resolution should also be noted. Once you have a decent body of evidence to show the extent of the nuisance you can contact your local authority or council.

Within most councils, the environmental health department or city living department will have a dedicated contact for antisocial noise related issues. Some councils have a dedicated staff of Environmental Health Officers, who are able to issue warnings and on the spot fines to noisy neighbours who do not cease making noise. Failure to pay such fines can result in prosecution and a further £1,000 fine.

In Edinburgh we are very fortunate to have a Noise Team of 16 Environmental Health Officers who patrol the city between 5:15pm and 4am each day. These can respond to anti social noise very quickly.

There is also a noise response service in the City of Edinburgh with a 24/7 operation. If there is loud music or noise from neighbouring properties you can call 0131 311 3131 when the noise is happening. An officer will visit your property and if the noise breaches legally permitted limits, immediate action will be taken.

Contact Atlas Lettings for free and impartial advice

Our friendly and experienced team at Atlas Lettings can offer expert advise on Buy To Let Property In Edinburgh and provide Edinburgh Landlords with superior Property Letting services including Let Only and Full Property Management In Edinburgh.

Kind regards,

Julian England (Property Manager)

Is your letting agent just letting you down? Don’t let them become a nasty habit.

Start the New Year with Atlas Lettings and a smile!

Click here for our Price List

Contact Atlas Lettings for free and impartial advice

Our friendly and experienced team at Atlas Lettings can offer expert advise on Buy To Let Property In Edinburgh and provide Edinburgh Landlords with superior Property Letting services including Let Only and Full Property Management In Edinburgh.

Kind regards,

Julian England (Property Manager)

Although the wind is starting to subside now and the forecast predicts a gradual improvement the clean up job is going to be quite substantial.Please don’t hesitate to contact us if you require the services of recommended trades-persons.
I am going to need a bit of assistance myself having lost two trees to these gales.

Contact Atlas Lettings for free and impartial advice

Our friendly and experienced team at Atlas Lettings can offer expert advise on Buy To Let Property In Edinburgh and provide Edinburgh Landlords with superior Property Letting services including Let Only and Full Property Management In Edinburgh.

Kind regards,

Julian England (Property Manager)

On a lighter note, I would like to share a few amusing encounters I have had over the last year. I would like to stress that I have changed the names to spare their blushes.

Shattered

Jane, a long term tenant of ours had got in touch to inform me that a bulb had blown in the lounge of her flat and that she was having a bit of trouble replacing it. I could see her point,as a large glass bowl light fitting made for difficult access.
Having positioned my ladder I managed to remove the old bulb without difficulty, but the new bulb just wouldn’t locate properly. I carefully removed the retaining screw under the bowl while supporting it with the other hand.
In an instant the bowl had slipped from my grasp, its journey to the floor appeared in slow motion as the tenant made an incredibly brave attempt to catch it.
In cradled arms the light fitting shattered into a thousand pieces and the horrified look on the tenants face only added to my dismay.
Visions of lacerated arms and severed appendages flashed through my mind as we both stood transfixed in the fallout.
Luckily no damage was done as the bowl was made of safety glass and a replacement was quickly found.
Note to all Landlords: Ensure tenants are out of the way when performing any maintenance tasks.

A Room With A View

Three young student ladies contacted me to arrange a viewing at one of our properties, so I made the necessary arrangements with the current tenants and was informed that everybody would be out for the day.
The young ladies talked excitedly amongst themselves as I showed them the kitchen and the bathroom. As we made our way to the master bedroom I informed them of the flats great location, its sunny aspect and its excellent double glazing.
Giving the bedroom door a good positive shove to overcome the self-closer I ushered the ladies into the room.
Stopping in their tracks they let out an audible gasp as Joe struggled to pull his bed covers over himself and his amorous girlfriend.
Joe’s unknown change of plan for a romantic afternoon had been scuppered. To peels of laughter we gave the red faced couple some privacy and continued the viewing.

Litter Problem

Sarah, a new tenant of ours complained that her boiler had suddenly failed. There was no hot water and the central heating wasn’t coming on. As the weather was a bit chilly I made it my priority to visit the flat to investigate.
Sure enough, she was absolutely right. The boiler fault light was flashing and wouldn’t reset and it looked like we had a real problem on our hands.
I thought I would check the basics first. Was the gas cock open?
My “Eureka” moment had arrived. The gas cock was fully closed and pressed firmly against it was a huge bag of cat litter which had been heaved into position two hours earlier. I was delighted to have fixed the problem without involving the Gas Engineer and Sarah was suitably embarrassed and apologetic for her unfortunate error.

Please contact us if you have any amusing landlord stories.

Contact Atlas Lettings for free and impartial advice

Our friendly and experienced team at Atlas Lettings can offer expert advise on Buy To Let Property In Edinburgh and provide Edinburgh Landlords with superior Property Letting services including Let Only and Full Property Management In Edinburgh.

Kind regards,

Julian England (Property Manager)

A few simple steps can safeguard your rental property against the elements and keep your costs down this winter:

> Try to schedule your Gas Safety Check and boiler servicing for the months preceding winter as repair costs are typically higher during the winter period.

> Operate your radiator thermostats over their full range with the central heating on. This will reveal any leaking or defective valves which could cause problems later.

> Make sure that your water stopcock is working and be sure to tell the tenant of its location and purpose in the event of a burst pipe.

> Provide the tenant with an instruction book for the heating controller or you might experience regular call outs to adjust the settings for them. Most instruction manuals can be downloaded from the internet free of charge.

> Make sure that the water pipes are lagged especially the ones located in the “cold areas” of you property e.g hallways etc.

> If your rental property is going to be left unoccupied for any length of time instruct your tenants to leave the heating on continuously at a setting of 6 C. This will consume very little energy and ensure that your water system remains frost free.

> Test the batteries on your smoke and carbon monoxide alarms and set up a routine test on these items for the tenants to carry out.

> Inform your tenants of the indicators of carbon monoxide release and the symptoms of carbon monoxide poisoning and establish a course of action should there be a fire in your property.

> Ensure that all your windows and doors are water-tight.

> Inspect your gutters for blockage as water overflow can cause damage to brickwork and encourage damp penetration.

Ok I know I’m going on a bit now, but these checks don’t take too long.

Keep your properties safe and secure. Its good for business.

Contact Atlas Lettings for free and impartial advice

Our friendly and experienced team at Atlas Lettings can offer expert advise on Buy To Let Property In Edinburgh and provide Edinburgh Landlords with superior Property Letting services including Let Only and Full Property Management In Edinburgh.

Kind regards,

Julian England (Property Manager)

Rental growth has been experienced across the board with 2 bedroom flats showing the greatest rental increase of 5.1% over the last year. This takes the average rental figure of a 2 bedroom flat up to an impressive £720.00 pcm.

 However, please be sensible when considering a rental increase as the location and condition of your property plays a huge part when it comes to rental assessment. It is also important to factor in the the duration of the current tenancy, as responsible and loyal tenants should always be rewarded with a small discount. Please get the advice of at least two experienced letting agents in Edinburgh when it comes to rental assessment as they can refer to a property data base and obtain a more accurate figure. Good reliable letting information can be obtained from Lettingweb (www.lettingweb.com)  where a large number of letting agents will contact you with any details you might require.  Please beware that your inbox might be overwhelmed with responses and you will have to cherry pick the best replies!

Anyway back to the property report. Smaller 1 or 2 bedroom flats have been growing in popularity over the last year as they now constitute 75% of the total lets in Edinburgh. Although 1 bedroom properties experienced the lowest rental growth over all, it is reassuring to see that their average time to let decreased by 3 days.

Good rental growth was also experienced with 3 and 4 bedroom flats over the last year, showing an improvement of 4.1% and 4.4% respectively.

Contact Atlas Lettings for free and impartial advice

Our friendly and experienced team at Atlas Lettings can offer expert advise on Buy To Let Property In Edinburgh and provide Edinburgh Landlords with superior Property Letting services including Let Only and Full Property Management In Edinburgh.

Kind regards,

Julian England (Property Manager)

It has been predicted by reliable sources that copy-cat rate slashing by other mortgage lenders is on the horizon. The tsunami of cheap credit is on its way. David Newnes of LSL Property Services who own Your Move and Reed Rains estate agencies has urged borrowers not to wait too long or they will miss out. Stuart Law who is the chief executive of property investment firm Assetz also stressed that borrowers should move quickly.

This is true, there is a very real possibility that these excellent mortgage deals will dry up next year as growing inflation might eventually prompt the MPC to increase the Bank of England base rate. However the economy is in such a state of flux that nobody can make an accurate prediction concerning the Bank of England base rate.

Don’t hang out the bunting however until you have read the mortgage conditions. Leeds are looking for a maximum LTV (Loan to value) of 75% and charge a combined booking and arrangement fee of £1,999.

As a result of increased mortgage activity there is also a good chance that we may see a slight recovery in the housing market which in turn may help to stimulate the economy.

A small chink of light in the gloom!

Contact Atlas Lettings for free and impartial advice

Our friendly and experienced team at Atlas Lettings can offer expert advise on Buy To Let Property In Edinburgh and provide Edinburgh Landlords with superior Property Letting services including Let Only and Full Property Management In Edinburgh.

Kind regards,

Julian England (Property Manager)