Letting and Landlord Insurance in Scotland
including Edinburgh and Glasgow
The main centres for rental property in Scotland are of course the two major cities of Edinburgh and Glasgow. Of course there is quite a lot of rental property available in Aberdeen, which is very important to the North Sea Oil Industry. Other important towns include Dumfries, Inverness and Fort William.
In Scotland, property law is different from England and Wales, particularly in regard to purchasing. Instead of an offer being 'subject to contract', all serious offers are put in writing and are not subject to contract. In effect, by submitting an offer at a given price the prospective purchaser is makig a contract to buy, assuming that the offer is formally accepted by the vendor in writing. Likewise, the vendor is legally contracting to sell at that price to that purchaser.
The advantages of this method of purchase are that it avoids the practice of gazunping and gazundering, where either the purchaser or vendor decides to change the agreed selling price at the last minute just before exchange of contracts. However, it has the great disadvantage that purchasers have to spend quite a lot of time and money before even bidding. Bearing in mind that properties in Scotland are usually advertised as wanting 'Offers Over' a certain price, people have to almost guess how much above the stated price they need to bid to secure the property. Thus, losing bidders will have completely wasted their time and money.
Renting and Letting houses and flats in Scotland
The laws surrounding the letting of property in Scotland are similar to England and Wales although there are some differences in the wording of tenancy agreements. An important difference is that all landlords, apart from those simply letting rooms in their own house, must be registered.
Edinburgh has a high student population at the University of Edinbugh, which naturally generates a high demand for stident accommodation in the area. The university is situated on the south side of the city centre just off Nicolson Street. Edinburgh also experiences very high short term demand for rentals in August during the famous Edinburgh Festival.
Glasgow University is also a source of high student lettting demand, it is situated in central Glasgow on Cowcaddens Road, just south of the M8 motorway.
 Map of Edinburgh
There are several kinds of Landlord Insurance for Scotland landlords that are well worth considering, whether you have one property or many properties.
Landlord Insurance comes in the following forms: Rent Guarantee with Legal Expenses Insurance for Scotland Landlords, Legal Expenses only Insurance for the capital's landlords, and Landlord Building and Home Contents Insurance. There is also Tenants Contents in Scotland Insurance which is useful for landlords as well as tenants.
Legal Expenses Insurance for Scotland Landlords
Hopefully you will never have any problems with your tenants, but if you do, you are probably going to need good legal help to evict them and/or recover rent that might be unpaid.
This is where Legal Expenses Insurance will be really useful. Through Maras, a single one-off premium of only £39.50 will ensure that you are covered for legal assistance from one of their panel of selected solicitors to deal with the problems.
Scotland Landlords Rent Guarantee combined with Legal Expenses Insurance
Obviously it's great that you can be covered for expensive legal fees in the event that your tenant(s) stop paying rent, but with Rent Guarantee combined with Legal Expenses Insurance through Maras you can insure that if your tenant ceases to pay the rent that after a 'grace period' of one month, your rent will continue to be covered up to a maximum of £2500.00 per calendar month for only £98.70 per year. This policy can also be used for a six month period for a reduced premium.
Remember that if would like to take out Scotland Landlord Rent Guarantee & Legal Expenses Insurance that there are certain conditions which must be met at the outset of the tenancy. These are that your tenant must be Credit Checked by a recognized agency, two forms of ID , including one with a photograph of the tenant is supplied, and Proof of Employment is obtained. Also, the tenant must not be handed the keys until the full moving in monies in cash or Bankers Draft or Electronic Funds Transfer have been received and the insurance company has approved and issued your policy.
In fact, just making prospective tenants aware that you will be requiring proper and thorough references can often put off dodgy tenants!
BEFORE getting a quote for Landlord Rent Guarantee &/or Legal Expenses please click here FIRST for details of how to reference.*
See our Rent Guarantee FAQs page for further advice on these policies.
Click panel above for INSTANT QUOTE FOR LANDLORD RENT GUARANTEE & LEGAL EXPENSES INSURANCE.
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Landlord Home Contents Insurance
If you are letting your property furnished, although you will to some extent protect your possession against damage by the tenants with the landlord security deposit, often this will not be sufficient. This is where it's a good idea to consider Scotland Landlord Home Contents Insurance, and you can get an instant online quote for this through Maras.
Also, unless your property is a flat where the building fabric itself is already covered within your payments to the management company then you will have to also make sure that you have adequate Landlord Buildings Insurance cover. It's advisable to get some professional estimate for the likely cost of reconstructing the property in the even that it should be destroyed.
Click panel above for INSTANT QUOTE FOR LANDLORD BUILDING AND/OR HOME CONTENTS INSURANCE
On 'PROPERTY DETAILS" You can select 'Buildings' OR ''Contents' OR both.
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Landlord Buildings Insurance
When it comes to flats and indeed most leasehold property you will usually find that Buildings Insurance is included in the service charge. In the case of freehold property such as most houses, you will have to ensure that the building fabric is covered and in fact your mortgage company will insist on it.
VERY COMPETITIVE BUILDINGS INSURANCE QUOTES FOR BLOCKS OF FLATS
Email info@landlordsandletting.co.uk for very competitive quotes on insurance for blocks of flats or apartments, including terrorism cover.
Insurance for flats let to working people, self-employed, students DSS, asylum seekers or owner occupation
Remember that if your management company has the right to select which company should supply the buildings insurance for the whole block, it is vital that you make sure that the management company is in fact getting the best value for your money. |
Click panel above for INSTANT QUOTE FOR LANDLORD BUILDING AND/OR HOME CONTENTS INSURANCE
and to BUY ONLINE.
On 'PROPERTY DETAILS" You can select 'Buildings' OR ''Contents' OR both.
Save £10.00 admin fee – buy online.
More information on landlord building insurance here.
Tenants Contents Insurance
Tenants Contents Insurance is insurance that is taken out by tenants to cover their own property in Scotland. You may also like to suggest that they include any items belonging to you as a way of helping to protect their security deposit in the event that they damage any of the items in the inventory.
Click panel above for INSTANT QUOTE FOR TENANTS CONTENTS INSURANCE
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*Subject to the Terms & Conditions of the Rentguard Policy wording |
