Page 17 - April 2024

EXPERT ADVICE

Safe as houses - a Will can help

How to get
started in property

investment Making a Will can safeguard
your home to your loved ones. The risks you run

Considering creating a property Otherwise, the law will take over. If you own a property and die
portfolio? ESPC’s Nicky Lloyd without a Will:
explains how it’s done. No one wants to think about death or • Cohabitees don’t have an
disaster when they’re celebrating a house
purchase. But since it’s probably the automatic right to inherit, unlike
spouses and civil partners.
ou won’t have failed to notice that money will stretch furthest. We can also biggest financial commitment you’ve ever
quality homes to rent, especially in advise on the best Edinburgh postcodes in made, you need to consider what would • Depending on your title deeds,
YEdinburgh, are in extremely high terms of expected rental yield. happen if you died. they may not be entitled to any
demand. So, if you’re considering investing part of the property at all.
in property, now could be a good time to You’ll need to budget for any updates the Scotland has rigid laws about who inherits • Alternatively, a cohabitee you
take the leap – especially while the property property may need, an HMO licence if you your property, if you die without a Will it never wanted to inherit the
market has calmed enough that you can wish to take that path, and a contingency can have unforeseen consequences. property could go to court to
feasibly buy a property closer to its valuation for ongoing maintenance. To attract a claim a share of it.
price. good rental rate and responsible tenants, Rather than adding to the distress of loved • Your children or any other
the property should be appealing, secure ones, a Will can provide protection and chosen beneficiaries could
Alongside this, Scottish private rental rates and safe: somewhere you’d be happy certainty. miss out on an inheritance you
are now free of the cap that was in place from to live. wanted them to have.
2022, meaning you can set a rent that suits Updating an existing Will
the open market rate, and look forward to a Mortgage advice is very helpful when • Your estate could face legal
long-term revenue stream. As property prices you’re starting out, to help you secure a If you already have a Will, congratulations. disputes and additional fees.
generally continue to rise, your investment specialist buy-to-let mortgage if you’re But you should certainly review it, and
could be worth more if you decide to sell. not a cash buyer, and the team at ESPC perhaps update it, when you buy a
Mortgages can advise you. property – to make sure it suits your
The first step is working out your budget, and situation.
your preferred property type. Do you want Being a landlord is a commitment that you Clare McCarroll
a compact city flat, or a family home in the should take seriously, but it can be easily So, rather than crossing your fingers Partner, Private Client Services
suburbs? Can you afford a turnkey home, or managed by choosing to use a lettings it’s so much safer to make a Will. claremccarroll@lindsays.co.uk
will you need to renovate? management service, like ESPC Lettings. 0131 656 5609
We can guide you in managing all aspects of
ESPC’s monthly House Price Reports offer your property, including marketing, vetting
great insights into property prices in various tenants, rent collection and inventories, to
locations, so you can work out where your make the process smooth and simple.

ESPC Lettings is an Edinburgh letting agent. We can help with marketing your rental property and finding the right tenants.
Contact the team on 0131 253 2847 or landlord@espc.com.
lindsays.co.uk @lindsaysnews @lindsays
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