August rain: the best of the summer gone, and the new fall not yet born. The odd uneven time. – Sylvia Plath
What has this weather been like!! Bright sunshine and torrential rain! Although I shouldn’t be shocked, I am in Scotland, and I don’t think I would change the sporadic nature. Keeps us on our toes.
You may have noticed we have an additional member of the Glasgow property letting team. Robin has joined us from a predominantly sales background having studied a course similar to the one our managing director Colin Macmillan studied at university and is looking forward to the longevity of relationships the nature of the letting industry creates, as opposed to the “one and done” of aspect in sales.
Robin and I are planning on starting to send out tenancy rent increase notifications which we now can do. We must give the tenants at least 3 months notice to increase the rent and plan on using the citylets comparable reports to do this.
The Scottish rental market witnessed a marked resurgence towards the end of the second quarter 2021 sending the Scottish national average for property to rent to an all time high of £883 per month. Lockdown easing over the period saw markets return including demand for student properties which had been heavily muted earlier in the year.
Generally demand for properties of all types, 1-4 beds, was buoyant but with larger properties most consistently posting positive annual growth at the local level.
Whilst markets in commuter belt regions continued to operate at pace, demand in major cities held firm with a notable rise in Glasgow of 8.9%. Edinburgh, which posted a significant annual fall last quarter, rebounded to just minus 0.6% in Q2.
Some landlords, especially clients who have a long-term tenant that started with a short assured tenancy with AT 5 may have concerns that the lease will change from an old style short assured tenancy agreement to a private rented tenancy agreement.
Technically it already has and this automatically happened due to the Scottish government legislation housing act 2016 .
Since the 1st December 2017 all new leases signed in Scotland, with certain exceptions such as company leases, by law had to be a private rented tenancy agreement.
Additionally any amendments to an existing lease, such as a change of occupier or rent increase would mean it would be a private rented tenancy agreement.
A short assured tenancy which renewed after 6 or 12 months would become a private rented tenancy.
A practical example would be a short assured tenancy signed for a year in November 2017 would be due for renewal November 2018, legally it can be renewed once under the same terms, but when it was due for renewal in November 2019 it automatically becomes a private rented tenancy agreement.
The maximum duration of a short assured tenancy was a year(less a day). This means that the short assured tenancy agreements by this point will have automatically become private rented tenancy agreement, but neither the tenant or landlord have the lease paperwork.
We plan to send out the new lease agreements as well as the 3 month rent increase notice paperwork.
Of course, we will call the tenancy beforehand to brace them for this, and give them the option to negotiate and ability to give their 28 days’ notice to end the tenancy.
As landlords the notices that you must give to a tenant to end the tenancy vary, you must supply the tenancy with proof, for example if you wish to sell, you must show that a solicitor has been instructed.
At this time there are no mandatory notices to leave, they are all discretionary.
17 Elmbank Street
0141 221 3990
Registration number LARN1903009
VAT : 174415411
The information in this e-mail is confidential. The contents may not be disclosed or used by anyone other than the addressee. If you are not the intended recipient, please notify the sender immediately by reply e-mail and delete this message. Glasgow Property Letting Ltd cannot accept any responsibility for the accuracy or completeness of this message as it has been transmitted over a public network.
We will no longer retain emails from you as per GDPR legislation. This means when you send us an email you should keep a copy for your own records if you will need to refer to it at a later date. You can dispose of your own copies according to your own GDPR retention policies.