Key points to keep in mind
Financial and Regulatory
Insurance - It is vital that your asset is fully protected by an insurance policy specifically designed for let properties. We operate a block policy with Bruce Stevenson Insurance Brokers which provides access to comprehensive cover at preferential rates.
Financing - Where your property is subject to mortgage finance it is vital that you have consent to let from your lender. In most cases this means a move to a buy-to-let mortgage. We work with specialist mortgage brokers to provide access to the very best rates.
Taxation - All rental income must be declared to HMRC. For most landlords this will involve the completion of an annual self-assessment tax return. We’ll help you claim all the reliefs you are entitled to.
Landlord Registration - Before your property can be offered for let you must register as a landlord with the relevant local authority. Once registered you will be provided with a landlord registration number which must be listed on all property marketing.
Energy Performance Certificate (EPC) - All properties must have a valid EPC and all marketing material must display the property’s EPC rating. Where an EPC survey is required we can arrange for this to be carried out.
Regulation - Rettie & Co. have been approved on the Scottish Government Letting Agent Register and are compliant with the Letting Agent Code of Practice (Scotland) 2016.
Landlords Gas Safety Certificate (LGSC) - All gas appliances in a property must be inspected and certified by a Gas Safe engineer on an annual basis. All gas appliances should also be serviced regularly.
Portable Appliances Test (PAT) - All portable appliances must be checked for electrical safety on an annual basis.
NB: Even unfurnished properties are likely to contain some appliances that fall under this requirement.
Electrical Installation Condition Report (EICR) - Electricity supplies, electrical fittings and fixed electrical equipment must be EICR inspected by a qualified electrician every three years. If your property has an Electrical Installation Certificate (EIC) this can serve in place of an EICR until its expiry date.
Legionella Risk Assessment (LRA) - All elements of your property’s water supply must be inspected annually to identify and assess potential sources of legionella bacteria. If areas of risk are identified we will work with you to control this risk.
Fire Detection Equipment - All properties must have at least one functioning smoke detector in the living space and in every circulation space and one heat detector in every kitchen. These must be mains wired and function as one interlinked system.
Carbon Monoxide - All properties that have heating or cooking appliances powered by a carbon-based fuel (e.g. gas, oil and solid fuels) must have carbon monoxide detectors fitted in each room where such appliances are present.