There is an increasing body of evidence that suggests that it will be generally more expensive to rent a property than to pay a mortgage. A steady growth in rents already means that tenants pay an average of £130.00 more per month on a 3 bedroom house compared with a mortgage paying home-owner.

So, how on earth do First Time Buyers (FTB’s) get a foothold on the property ladder.

The introduction of the government Funding For Lending Scheme (FLS) in early August 2012 has led to a small reduction in FTB mortgage rates. Some experts even declare that the recent increase in FTB lending (Up by 14% in October 2012) testifies to its positive impact.

So are we out of the woods yet?

A closer inspection of the details reveals that the recent upturn in the market is mainly down to the transactions of the privileged few. The average deposit was 20% which equates to a whopping £31,860 when considering the average Scottish house price of £159,310.

Whether the FLS is having a positive effect on the housing market is difficult to say at the moment. It is by no means the economic panacea we have been looking for, but it might be the steady 4 year drip feed that keeps our ailing economy alive.

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)

With a tax free allowance of up to £4,250 per annum the governments Rent A Room Scheme can be an attractive proposition for those with a furnished extra room and pressing financial commitments.

There are 2 ways to qualify for the scheme:

1) The lodger shares a kitchen, bathroom or living-room with you or a member of your family

2) The lodger has his own separate living space within your home.

Although option 2 is probably a more appealing choice with the added peace of mind & security that it offers, please be aware of the pitfalls.

By providing a self contained living space for your lodger you loose some of your rights. If the tenants prove troublesome you will have to go through the courts to evict them whereas option 1 just requires you to provide reasonable notice before eviction.

Typical Rigsby’s  are parents who’s children have left home, divorcees who want to stay in the family home or home-owners struggling with their  bills.

Don’t forget that this is also an excellent scheme to finance a property up-scale!  For instance- A larger mortgage may not be so intimidating if you are able to rent out a room in your new larger property. Lodgers can also cover your repayment costs for extensions or attic conversions.

Please consider all of the criteria before embarking on such projects with particular attention to the demand for this type of accommodation in your area.

Further details can be found on the following website:  https://www.gov.uk/rent-room-in…/the-rent-a-room-scheme

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)

Many landlords and tenants are unaware of  what constitutes “wear and tear”. When does wear & tear become damage & how do we define property neglect? By failing to establish basic tenant domestic responsibilities landlords and agents can find themselves constantly at loggerheads with uninformed tenants.  It doesn’t have to be this way. Please see some examples below. It is not my intention to vilify tenants, as landlords and letting agents can also demonstrate blatant disregard for health and safety standards. I only wish to highlight the need for simple and well written tenancy agreements.

One flustered tenant called us to report a blocked kitchen sink, which has been slow to drain for the past month. He provided further details on our arrival:

“It was getting a bit slow to drain so I tried to unblock it myself with some raw spaghetti, but it kept snapping as I pushed it down the plug hole” The tenant was astounded when he was charged a small fee for clearing the blockage which he had made a whole lot worse.

 
Another routine inspection revealed moth infestation in one of the bedrooms which had caused some damage to the wool based carpet. This was met by the following response:

“Yeah I noticed a lot of moths around but they don’t really bother me” (However, the £190 deduction from her deposit for a new carpet seemed to bother her somewhat and resulted in a very teary telephone call!)

Some tenants seem to be quite unaware that they are required to carry out simple domestic tasks themselves  in a safe & responsible manner. We receive floods of calls to change light bulbs and to clear moderate toilets blockages. On instructing  a resident doctor that it was his responsibility to change the bulbs in his flat we received a  distressed call that evening:

“I slipped whilst fitting a new bulb in the ceiling light and accidentally ripped out the pendant fitting. Then suddenly all of the lights in the flat went out. Its completely dark now and I want you to do something about it” We attended the flat to fit a new pendant light and to reset the circuit breaker and once again the tenant was gobsmacked to be charged for the call out.

Another tenant attempted to fit a bayonet type bulb into a screw fitting which caused a blackout and considerable damage to the light. He declared that he had never changed a bulb before! He was 26! Charges were applied accordingly.

We take health and safety very seriously and although we make every effort to ensure that our tenants carry out their domestic duties in a safe and responsible fashion we will never be immune from such incidents. It is vital for all landlords, letting agents and tenants to have a firm grasp of what domestic responsibilities are. Definitions of “wear & tear” and “neglect” should feature in the tenants instructions to avoid any future disagreements & inventories/schedules of condition should always contain sufficient detail to dispel any unfair claims.

If you require a list of specific items with their definitions of “wear & tear” and “neglect” please don’t hesitate to contact me.

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)

We are now seeing some evidence that supply and demand of rental property is starting to reach equilibrium now with Time To Let (TTL) figures showing a slight increase. This will dampen down rental increases over the next year which will be a welcome relief to all tenants in the private rental sector. There is a strong belief that the growing time to let figures could be exacerbated by inexperienced landlords and letting agents who might be pitching rents too high.
The private rented sector is continuing to expand at quite some rate and to put this in context, the Scottish Household Survey estimates that there is over 273,000 privately rented properties in Scotland today which is an increase of more than 110,000 since March 2001.

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 is generally agreed that the likely explanation for the increase in property transactions is down to sellers realising that the flat market is not going to pick up for some time and holding out for a better price may not be the best strategy.

The EH6 district of Edinburgh is proving to be the most popular area for young professionals to purchase a property. This area provides them with easy access to the City Centre for both work and leisure activities. Edinburgh’s EH6 & EH7 area’s have always been ear marked as “Up & Coming” and these predictions might be realised as this  stimulates a local increase in property values in the long term.

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)

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!

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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)