It is almost just six months until the 2014 Commonwealth Games in Glasgow, and Lindsays, Scottish property law specialists, are offering advice to any amateur landlords who have decided to make some money from the event.
They state that the majority of the one million tickets available have been sold, and with homeowners letting out their properties during the Games, these amateur landlords should learn more about legal, tax and safety obligations.
The company says that they are careful to check the condition of homes being let out, and that property-owners should prepare an inventory to clearly indicate what is included in the house and the state of repair.
They also say that as properties are only rented as holiday accommodation, an individual is not obliged to observe long-term rented accommodation regulations in Scotland.
Specifically, Lindsays says:
You do NOT need to:
- Apply to your local authority to register as a landlord.
- License the property as a house in multiple occupation (HMO).
- Comply with regulations regarding gas safety certificates, fire and safety regulations.
- Pay income tax on earnings, according to the HM Revenue and Customs (HMRC) policies.
- Guarantee that appropriate insurances are in place.
- If required, request consent from your mortgage lender.