Monday, September 26, 2005

Guaranteed rent scheme for buy-to-let landlords in Edinburgh

Fri Sep 23, 2005 10:50 AM BST
By Lorna Bourke

LONDON (Citywire) - Property agents Orchard & Shipman have launched a new buy-to-let scheme in Edinburgh for private landlords that looks an attractive, no hassle, way of getting into this investment market. Orchard & Shipman has done a deal with the City of Edinburgh to provide up to 1,500 homes to beat the city's homeless crisis. The scheme offers long-term contracts to private sector landlords with a guaranteed rent for the whole period. These properties are financed by buy-to-let landlords and help local authorities to fulfil their statutory obligations to house the homeless. Orchard & Shipman has long experience of similar schemes with other local authorities.

Private Sector Leasing schemes are attracting growing interest from local authorities in England and Wales as well as Scotland. Orchard & Shipman already manage nearly 1,000 properties for the London Borough of Hillingdon and for Spelthorne Council.

Buy-to-let landlords who already own property in Edinburgh, and investors wanting to buy to participate in this scheme, will have the security of a long let of up to five years, with no voids, rents paid quarterly in advance, no management fees and the return of the property in good condition at the end of the period. If the tenants damage the property, it is repaired. Landlords get a market rent, less about 15 percent, but the money is guaranteed to be paid irrespective of whether the property is tenanted or not as the rent is guaranteed by the local authority."

If you are facing a tough letting market in Edinburgh look into this... but check out the carefully how rent levels compare and the level of expenditure e.g. on upgrading and repairs, that you are committing yourself to.

Chris Bell

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