What is a long term let?
A let commencing after the 1st December 2017, where the property is the tenants only or main residence, will be a Private Residential Tenancy following the introduction of the Private Housing (Tenancies) (Scotland) Act 2016.
The Private Residential Tenancy (PRT) replaces the Short Assured Tenancy for all new tenancies (Short Assured Tenancies already in place on this date will continue to run until they are ended by either party).
A PRT has no fixed term period, only a start date and will run until either a landlord or tenant gives notice.
A tenant may give 28 days’ notice at any time should they wish to end a PRT. A landlord can end a PRT only if one or more 18 grounds for repossession apply and the notice period will depend on the length of time the tenant has lived in the property and if they have breached a term of their tenancy agreement.
Why choose long term letting?
- Usually provides financial security over a longer term
- Minimal vacant periods due to high demand
- Flexibility of furnishings
- Long term investment
Running cost comparisons
Rents for long term lets are lower than the equivalent short term rents but landlords are not responsible for the day-to-day running costs.
Short Term/Festival | Long Term | |
---|---|---|
Council tax | Landlord pays | Tenant pays |
Utilities | Landlord pays | Tenant pays |
Internet | Landlord pays | Tenant pays |
Changeovers | Landlord pays | n/a |
Maintenance | Landlord pays | Landlord pays |
Insurance | Holiday let cover required | Landlord cover required |
Our Long Term Services
Full Management
Our most popular service is full management. This service is fully comprehensive & landlords can relax in the knowledge that we are managing every aspect of the letting cycle:
- advertising the property
- accompanied viewings
- securing tenants
- rigorous referencing
- preparing lease & legal documentation
- providing a written & photographic inventory
- liaising with utility providers & Edinburgh council
- handling keys
- organising regular inspections
- arranging safety certificates, cleaning & maintenance
- collecting and paying rents and handling deposits (through the tenant deposit scheme)
For our full management service, we charge an initial one-off set-up fee of £150 Incl. VAT to cover the cost of professional photographs and the inventory and then 12% Incl. VAT commission on any rental income.
Let-Only Service
We offer a let-only service to long term landlords who want to manage the let period themselves. This is charged as a one-off fee of £600 Incl. VAT, which includes:
- advertising your property
- accompanied viewings
- securing tenants
- rigorous referencing
- preparing lease & legal documentation
- collecting the first month’s rent and deposit