Letting your property can be a minefield. Factotum have been managing property properly since 1985 and are on-hand to answer any questions or concerns. Hopefully, our Landlords FAQ below should answer any queries. If you have any additional questions, please do not hesitate to contact us.
What is a Long Term Let?
This is a tenancy intended to be the tenant’s principle residence. They are best suited to professionals, students, families or companies. Prices quoted for Long Term lets represent the monthly rental and do not include council tax or utilities (which are usually transferred into the tenant’s name).
If the tenancy was created before 1st December 2017, then it is likely to be a Short-Assured Tenancy (SAT) which would have had a minimum initial period of between 6 months and 20 years. The tenancy could be terminated at the end of the initial period.
On or after 1st December 2017, the tenancy is likely to be a Private Rented Tenancy (PRT). There is no initial period, other than the tenant having to give 28 days’ notice to leave. There is no end date.
What is a Short Term Let?
This is an all-inclusive tenancy that is intended for short stays, where the tenant does not wish to commit to Council Tax and lengthy commitments getting utility and media services organised. Typical lets include extended holidays or short term contract work, temporary housing or just a welcome alternative to an extended hotel stay. Prices quoted represent the monthly rental. The accommodation is fully furnished. A Short Term Let relies on the holiday let clause to distinguish it from a PRT or a SAT.
What is a Holiday let?
A Holiday Let is designed for tourists or passing visitors to Edinburgh, staying for one to four weeks. These lets are charged at the weekly price and include Council Tax, reasonable use of utilities with towels and bed-linen provided. Holiday Lets in Edinburgh are popular during Christmas, Hogmanay, six-Nations Rugby and other sporting events that take place in and around Edinburgh.
What is a Festival Let?
For short stays from one to six weeks during the months of July and August for visitors to the Edinburgh Festival. These lets are charged at the weekly price and include Council Tax, reasonable use of utilities with towels and bed-linen provided. Landlords must ensure the property is a fully-functional self-catering property. For example, if Broadband is advertised, it must be installed and operational. All appliances must also be in good working order.
What is Factotum’s Administration charge?
For long term lets, we charge £100 + VAT for initial registration and £100 + VAT for each tenancy. For short term, holiday and festival lets the tenancy fee varies according to the amount of time we spend securing a let, starting at £50.00 + VAT per let. Factotum offers a free advertising service in the first instance and does not apply any charges until the let is secured. As a result, any admin charge is deducted from your first month’s rent. Rather than charge you for the marketing of the propery we deduct an admin charge from your rent which represents the time spent advertising your property and fielding enquiries.
What is Factotum’s commission fee?
Generally, for a long term let the full management fee is 12.5% but this can vary according to the degree of management required. For short term, holiday and festival lets the fee ranges between 15% and 17%.
What is the deposit for a Long Term let?
Deposit is normally equal to one months rent. In some circumstances, for instance if pets are allowed, the deposit it can be increased to two months’ rent. Deposits are placed within one of the government deposit schemes.
What is the deposit for a Short Term let?
Deposit for a Short Term let is normally equal to one month’s rent. Deposits are held in trust by Factotum.
What is the deposit for a Holiday / Festival let?
The deposit is normally equal to one week’s rent. Deposits are held in trust by Factotum.
How do I receive my rent?
For long term lets tenants should pay on the 1st of each month into our clients’ account. We aim to pay out rent to landlords, by bank transfer, as soon as possible after the funds have cleared. However please be aware of bank clearing times. For Short Term, Festival & Holiday lets rent is usually paid at the end of the let. For lets longer than 1 month, rent will be paid at reasonable intervals with some funds held until the end of the let.
What are the regulations that affect me as a Landlord?
Landlords should be aware of the following regulations. The particular rules vary depending on the type of property and length of let you are entering into. Please contact us for more information and to find our which regulations apply to you.
The regulated aspects of a landlord duty of care include:
- Landlord Registration with the local Council
- Housing in Multiple Occupation
- Landlords Gas Safety Certificate.
- Electrical Portable Appliance Testing (PAT)
- Electrical Periodic Inspection Reporting (PIR)
- Fire Risk Assesment
- Energy Performance Certification
- Fire (smoke/heat) and Co detection
- Repairing Standards, Housing (Scotland) Act 2006
- Fire-resistant Furnishings
- Income Tax Reporting
- Non Resident landlords
At Factotum our aim is to keep our landlords on the right side of the law and to nurture ‘best practice’ through our code of conduct. We can deal with all of the above regulations on behalf of our clients.