With little over six months before the 2014 Commonwealth Games in Glasgow, Scottish property law specialists Lindsays is advising amateur landlords tempted to cash in.
It says most of the one million tickets have been sold, so property owners letting out their home during the Games should brush-up on legal, tax and safety obligations.
The firm says it is prudent to check on its condition and to prepare an inventory to show clearly what is included and what state of repair it is in. But it also says that as the owner of a property let only as holiday accommodation, an individual is not obliged to comply with long-term rented accommodation regulations in Scotland.
In particular, Lindsays says:
You do NOT need to:
- apply to register as a landlord with your local authority;
- license the property as a House in Multiple Occupation.
But included in those things you MUST do are:
- comply with regulations regarding gas safety certificates, fire and safety regulations;
- pay income tax on incomings according to the HMRC rules;
- ensure appropriate insurances are in place;
- ask for consent from your mortgage lender if required.