02 Mar 2018
Landlord Open Days: Do your properties meet the new rules?
Scotland's letting landscape has changed dramatically this year - but have landlords managed to keep up?
We are hosting a series of open days to help those with multiple properties deal with the raft of new tax and legislation changes which have come into force over the last six months.
At each event, we will have some of Scotland's leading lettings experts on hand to offer helpful advice on what landlords can do to mitigate the impact of the changes.
We are also offering those attending a £250 voucher to use towards our fully managed service.
The days are taking place on the following dates - click on the links to register your place:
What's changed?
The biggest change facing landlords is The Private Housing (Tenancies) (Scotland) Act 2016, which has introduced the Scottish Private Residential Tenancy, the new form of private tenancy for Scotland.
Under the new regime, tenancies will have no minimum period and will continue indefinitely unless the tenant wants to leave or the landlord terminates using a prescribed ground for eviction.
The ‘no fault’ ground of termination under Short Assured Tenancies (SAT) has been removed from landlords. You can read more about the new rules here.
Adrian Sangster, National Leasing Director at Aberdein Considine, said: “The introduction of this new tenancy, in addition to the tax changes, will affect all landlords letting property in Scotland therefore it’s essential they have an agent who can offer them the support of some of the most experienced lettings, legal and financial professionals in the country."
Tax changes
The main recent tax changes facing landlords are:
- Restriction of tax relief on mortgage interest
- Additional Land & Building Transaction Taxes
- Abolition of Wear & Tear allowances
- Higher Capital Gains Tax rates
- Accelerated payment of Capital Gains Tax for Non Residents
- Increased reporting for UK property disposals by Non Residents
Learn more about our property leasing services.
Scotland's letting experts
If you are looking to buy, sell or lease property, Aberdein Considine can offer you the support of some of the most experienced property professionals in the country.
We are also an independent broker of buy-to-let mortgages and can offer home loans without any hidden fees.
If you would like to speak to a member of our team, call 0333 0066 333 or click here.
* Your home may be repossessed if you do not keep up repayments on your mortgage.