A new Scottish private residential tenancy (SPRT) regime came into force at the end of last year bringing in changes to the private rented sector, impacting landlords, letting agents and affecting the rights of Scotland’s 760,000 private renters.
There are a number of requirements for a SPRT:
The new regime introduces significant changes to the way tenancy agreements are created, managed and terminated. Some of the key changes include:
No more fixed terms – private residential tenancies will be open-ended, meaning landlords can’t ask tenants to leave just because they’ve been in the property for 6 months (The previous short assured tenancies meant that landlords could terminate the tenancy without giving any reason at the end of the initial period of the lease).
The Scottish Private Residential Tenancy is the biggest change to the private rental sector in the past 25 years and will have benefits for both landlords and tenants.
If you are buying an investment or residential letting property, then speak to us to see how the changes may affect you.