certificates required Landlords of ALL properties require the following: - Landlords registration – all landlords are required to register as a landlord via www.landlordregistrationscotland.gov.uk (typically £55 then £11 to register a property) - Energy Performance Certificate (EPC) - renewed every ten years. Typical cost £100. - Gas Safety Certificate - renewed annually. Typical cost £90. - Electrical Installation Condition Report (EICR) – renewed every 3 years for HMO properties and every 5 years for non-HMO properties. Typical cost £120 for certificate plus any remedial work required. - Portable Appliance Testing (PAT) – renewed annually. Typical cost £2.50 per item. - Interlinked hard-wired smoke alarms certificate – a certificate is valid for 10 years for a non HMO-property (BS LD1 system) and every 12-months in HMO properties (BS LD2 system). Typical cost: £50. - Legionnaires risk assessment – renewed every 3 years or whenever there is a ‘material change’ – i.e. change of tenants. Typical cost: £50. - Insurance – landlords are required to hold full buildings insurance using an accurate reinstatement figure (a local surveyor can supply this for approx. £100). Ensure your policy is tailored for landlords, including such things as providing alternative accommodation for tenants in the event of the property becoming uninhabitable due to storm / fire / flood etc. HMO landlords require public liability cover of at least two million. Owners of HMO-licenced properties require the following safety certificates in addition to the items listed above: - Fire alarm / smoke alarms / CO alarm / emergency lighting / fire fighting equipment certificates – Typical cost: £70. - Fire Risk Assessment – reviewed annually. ongoing costs Ongoing repair and maintenance costs are typically higher for a student property than they would be for an equivalent professional let. Landlords typically budget around 10% to 20% of the rental income to put towards repairs and maintenance, though this number can vary depending on property. There are also letting agent management fees to consider, which typically range from 10% to 15% of the gross rental income (there is considerably more work involved managing a student property compared to a professional let – for example the monthly inspections required by law for HMO properties and renewing leases every year). Remember that your property will be vacant with no rental income for a period each year (typically 1-2 months).
contact us Address: Lawson & Thompson Ltd, The Malt Barn, 205b South Street, St. Andrews, KY16 9EF Tel: 01334 845 145 | Email: email@example.com | Web: www.lawsonthompson.co.uk facebook.com/lawsonthompsonproperty twitter.com/lawsonthompson_ DISCLAIMER: we give no guarantee as to the accuracy or completeness of this free guide. Any comments concerning legislative requirements (including HMO and planning consents) are for guidance purposes only and should not be interpreted as a definitive, complete or exhaustive list. We recommend the appropriate council departments are contacted in advance of any sale to confirm the situation with that particular property. We cannot be held liable for any loss or damage, which may arise from using information contained within this report.