The Key Place Newsletter, October 2016 1st Oct 2016

Welcome to the October edition of our newsletter, giving you news from across the rental industry.  This month we look at how the Private Rented Sector is performing, plus we explore the rising age of those in the PRS.  Continuing our discussion of The Key Place procedures, this month we look at the implications of Notice to Quit with a real life example.  Tenants are breaking tenancy agreement clauses now more than ever before, find out more.  And finally some tips on how to maintain the value of your rental property.   We hope you enjoy The Key Place newsletter.  Please share with friends and they can subscribe to be added to our mailing list. 

Market Analysis 1st Oct 2016

Figures reveal that more people in Scotland are making the most of the current attractive buy to let products and are becoming landlords. There are also an increasing number of investors out with Scotland looking to get in on the game and invest within Scottish towns and cities. March saw a spike in sales which was likely due to people buying before the introduction of the 3% Land & Buildings Transaction Tax (LBBT). However sales have continued since then, along with a rise in house prices (the average price of a property in Scotland is now 0.97% higher than at the start of the year).

Rise of the Silver Renter 1st Oct 2016

Recent research by Your Move has revealed the seismic shift in the average age of tenants compared to years gone by. Almost half of tenants in the Private Rented Sector (PRS) are now over 46 years of age, confirming renting is no longer just for the transient younger generation. Currently over 4.5 million people rent within the PRS in the UK, and this is expected to grow to 6 million over the next few years.

Rule Breaking 1st Oct 2016

15% of tenants admit to breaking the terms of their tenancy agreement, according to new research.

Look After your Property 1st Oct 2016

Maintaining the value of your rental property is essential. Increasing the value of your property is wise. There are various steps you can take:Know your neighbours If your rental property is in a shared block, then it is helpful to know the neighbours in order to deal with shared works in a timely and cost effective way. An increasing number of blocks are factored these days, however if yours is not then consider having an owners’ association with regular meetings. Even if you are not in a shared block, keep contact details for neighbours and ask them to report any property or tenant issues to you or to your letting agent if you have one. Bear in mind that Title Deeds and legislation such as the Tenements (Scotland) Act 2004 set out rules for dealing with your...

Notice to Quit 1st Oct 2016

Eviction law in Scotland is a very complex process. Every step in this procedure must be done perfectly, or court action will fail. Notice to Quit is the document a landlord has to give tenants in order to end their tenancy agreement. For short assured tenancies (6 months plus) the minimum notice period is 40 days. There are proposals currently going through the Scottish Parliament to change the rules for ending a tenancy and The Key Place will keep you updated regarding these. The Notice to Quit must contain certain prescribed information and will be invalid if this is not included. There should be a Notice to Quit, AT6 and Section 33 for each tenant. The following documents must be served in person and signed for by the tenants. The Key Place therefore uses Sherriff’s Officers...

Confessions of a . . . Letting Agent 1st Oct 2016

Some tenancies run smoothly, others less so. This is one such tenancy.