Been investing BTL's in Scotland for 15 years. Other than 4% stamp it's a much better system. Great when you're the buyer and you don't pay for surveys (home report) etc. That's about the 1% difference in stamp negated. Love your videos. Love fae Scotland 🏴
3 months either partial or full arrears for eviction. This is written in to the Scottish government contract and heard at a tier 1 tribunal. How long in England
Your cliched patronising of Scotland doesn’t come across well. I realise you are just trying to have fun but when you think that almost every English video does that and treats Scotland as some distant planet, it wears very thin. The information is the usual high standard, but we don’t need the shortbread tin patronising.
In Scotland more and more people are now pulling out too. There doesnt seem to be anything that can be done about it, unless the missives have been concluded which is more often than not the day before the sale handover date! If missives have been concluded then whoever has pulled out can be sued for costs. Spain has a much better system where once both parties have agreed to a sale the purchaser has to put down a reservation fee of €3000 euros. If the seller pulls out the buyer gets the £3000 back. If the purchaser pulls out then the buyer keeps the €3000. Once the contracts are formally accepted a total of 10% of transaction (includes the reservation fee) is payable by the purchaser. If the purchaser pulls out after that point they loose the full 10% plus an additional 10%. If the seller pulls out then they are required to return the 10% to the buyer. This can be done in Scotland as we put down £3000 to secure a property as the seller had been let down before. But it is not law like in Spain. If that system or similar was to be made law in the UK it would make a huge difference.
Britains due diligence is similar to USA, with the buyer's responsibly to do their own inspection and surveys. I don't know if I would be interested in getting a seller's paid inspection report and not being able to be present while that inspection occured... Buyer beware!
I'm a property investor in Scotland. We have a fairly diverse range of properties here and the only difference being the 4%...That normally balances out though. Love the videos Jamie, I started watching you and now moved on to get training and a mentor. Keep them coming.
I was going to try and get in to Property via the Rent2Rent model in Edinburgh, but you need an expensive licence and planning permission apparently :( So a newcomer can't really do Rent2Rent in Scotland and Scottish law doesn't allow Purchase Lease Options. Seems harder up here for sure.
@@malcolmkerr205 If a £350 license is stopping you maybe property isn't your game. Get the license only when you need too. Compliance is more important.
great video! I sell off-market portfolios in Scotland. Whilst the 4% tax may look bad, most people don't know that if you buy a portfolio of 6 or more properties, you are exempt from that tax! 😋
Jamie, I love the Scottish system. It’s far better than our own system of buying property. Well ,everything is better in Scotland apart from the weather.
Hey Jamie, massive fan of your content, just messaging as you missed out all the important stuff about BTL in Scotland as the Scottish government really do not like landlords. In Scotland tenant’s have far more rights than in England and we do no have AST’s only a government made Contract. You are unable to get tenants to leave a property unless they meet one of a few criteria such as selling the property or moving in yourself. Tenants currently are not allowed to be evicted for any reason at all until March and could just not pay if they do not want to. There is a maximum 5% increase in rent per year and There will soon be rent pressure zones being brought in that will limit how much rent you can charge. HMO is for 3 people or more and holiday let’s have just had new rules brought in too. Stamp duty is much higher and over £325,000 is 10% ( I Think) plus the additional stamp duty has just gone up to 6% on top of that. Couple of other things I feel you got wrong (but everyone in Scotland will disagree with me as they love their system). The buying process up here is a nightmare, everything is offers over and helps to create an insane market where property regularly goes for 20% over (not easy to get a mortgage on and very difficult for a FTB). I think it is crazy the buyer pays for the report about their own property (conflict of interest, plus limits supply as in England I could list for £100 easily up here it will be over a thousand). The bank will carry out their own valuation 99% of the time (I am a mortgage broker) so you are paying for 2 separate surveys basically. You can absolutely still pull out of a deal at any point up to when missives have been completed (a few days before sale). Really would not be encouraging anyone to buy up here without really exploring all the rules and regulations.
Agree. The offers over situation is a nightmare. As mortgage companies will only give a mortgage for value of home report. An open auction would be much better. I personally think the Home Report is a better system than before, but its not really worth the paper its written on.
*You left out one important bit about Scottish housing. When a would-be homeowner is about to buy his house, he will have to sign a Title Deed which, 100% of the time, includes a clause which says that the homeowner must pay for a "factor" to maintain the upkeep of the neighborhood. In other words, the homeowner MUST opt-in to this service. Because the homeowner is now locked into a contract that he was forced to sign (otherwise he wouldn't have been able to own that home in the first place), the "factor" can now pretty much do whatever they want, i.e., defraud the homeowner, cheat, lie, make promises they know they won't keep, do anything under the Sun, without the homeowner being able to do diddly-squat about it.* www.youtube.com/@JacobSwanson-o7l
I’m from Scotland and started my property career last year. I’ll be moving to Leeds this summer to really kick it off and will (hopefully) attend your courses! Thanks for the info as always, Jamie 👍🏻
You do not own a leasehold property as you stated. The lease just gives you the legal right to live in the property for a specific number of years determined by the length of the lease.
I've been considering Scotland. From initial checking on the system there, it seems that offers have to be formally submitted by a solicitor. Could anyone tell me if this is correct? If it is, does that mean simply making an offer costs money (solicitors charge)? I'd normally low ball offers just see whether I could find a bargain but that could get expensive if paying to do so (and presumably paying again to increase the offer if the initial one is refused). Also, I'm attracted by the relatively good prices I have seen online but I've heard that most places sell for considerably above the asking price. Is that true? How do I get an accurate idea of real selling prices?
Please change your headline, it's misleading. I live on a beautiful Scottish island but I originally came from the South of England and all I can say, I love living in Scotland and as much as I don't like the SNP, they have done a lot for Scotland.
In Scotland people are paying often well over the asking price, this can be as much as £50k more. So buying in England in my experience is better value for money.
@@JamieYork Any videos on that? I'm trying to buy in Glasgow and the offers over thing is a killer. Could borrow a lot but can't cash fund 50k over asking.
Ha its funny that you've made this today after I posted in the epta group about my mate up in Scotland who rents but hates landlords because he feels they rip people off and drive house prices up or if reach of the average person.
Your take on the legal purchase process is slightly incorrect, once you make an offer on a property in Scotland, your solicitor will negotiate missives and run the legal diligence process, which can take up to 8 weeks to thrash out. Until the missives are agreed, either party can still pull out of the deal, thus there’s still some deal risk.
Am I right in saying if you have a holiday home there the council tax is increased by 10%, I went to look at some faults in Scotland, asked to see the sellers report. One of the flats had a dampness problem, told by the agent the seller had dealt with it. When I checked further the seller had only painted over the damp patches.
Iv moved 36 times and lived in Scotland and England both systems can be a problem. Iv been Guzumped 2 times but iv been stuck with 2 large houses in Scotland, i do prefer the Scottish system, just never say you will buy it until your totaly sure, you can not pull out if sale agreed also selling in Scotland can be very quick 6 weeks.
No not realyi have lots of friend and the culture shock fro movin near Glasgow to Godalming in Surrey war huge. For many years i cid just live out of a suit case . My father workrd in oil So we krpt moving he was all over the world.@@JamieYork
Im moving back to my country of birth Scotland in 2 years. Ive been in the construction game here in Australia and am a cabinet maker by trade. Im also a fully Licensed real estate agent. Our plan is to invest into rental housing and client renovation projects for those that dont have the time or knowledge to do it themselves... I will be looking into converting my Licensee qualifications when i get there, or just before we do... Is there an organisation that do this. Plus we will be looking at helping fund renovations or becoming joint venture partners with locals... Anyway, thanks , some good info here, will be following your channel for sure
Would i be right in saying. If i buy a property at 100,000 as a btl in Scotland, i would have to pay the following: Approx 2000 buying fees. 0% stamp duty as its below 145,000 but 3% as I'd be buying it as a tld company do 3000. 6% additional dwelling suppliment ADS so 6000 Total=11000 ? Cheers
You didn't mention that with a leasehold you can fully pay off your mortgage and STILL not be the owner of the property. Total BS in my opinion. The English property market is still in the dark ages.
@@JamieYork Lol, nope. That would make the world an unimaginably better place. The world doesn't need property investors. It's a purely egotistical act.
@@JamieYork You can do private landlording, but just own that you don't add to society and are a parasite. If you can't live with that, quit, but don't fool yourself.
@@JamieYork I would like to buy a house in my home area but our neighbours south of the border are being advised to buy “cheaper” Scottish properties with their higher value property sales. This makes it harder for locals to buy themselves. Also with a high demand for renting in these current times and landlords are seeing pound signs. Not great for a large number of people really.
Ok, had to watch this, as I own over 200 properties in Scotland. 4% stamp duty, but the average cost of purchase is much lower, we make on average 8% yield, in England that’s a dream. Lease hold/free hold, we don’t have that pish in scotland, is doesn’t exist. Guzumping is illegal in Scotland, it doesn’t exits. Home reports, are no big deal, you just look for number 3s, the rest is good. 🙂
I have been investing in Scottish property since 2016 and I love it up there. More then half my portfolio is located in Scotland. Would be glad to pair up with you in Scotland. :-)
I’m from Scotland but live in London. It costs me £300 a time in hotels when I wish my family. I had a look online and realised I could get a studio in the candleriggs for £80 to 90k - which would be fine for a base when I visit and I could airb&b it the rest of the month.
Got my first furnished holiday let in Inverness in Nov 21 and it has been going really well before it's even Summer time. Can't wait to buy more properties up there. May be over 500miles away but a 1 hour flight is all that's required.
Hi Jamie. I need yours guidence .. I am from india .i am coming to Glasgow on work permit. My plan is there to buy a shop. Arround 40k-70k pound. Then after i will run shop as well as i will do work on job also. After two year . I want to buy a land and build a home in glasgow. Is that good idea ?? And which place of glasgow should I buy shop and land for house ... Please assist me. When I will b in glasgow. I will share my number also. So that I can take urs proper guidness
spot on mate , well investing in scotland isnt bad but the market here is boiling tho specially in edinburgh , yes stamp duty is higher for property up 145k then goes to 6% but you can claim your lbtt back when you sell the property as its deducting from CGT
Great video mate, I'm looking to buy a property in Scotland soon. I'm getting MD'd out of the army after 18 years, if I bought a place lived in it, and rented out a few rooms. Would that be the same as a BTL, or is it a normal mortgage?
If your renting it out to people from different households and there share the kitchen/bathrooms etc then yeah it should still be the same as BTL mortgage though you may need a HMO license if theres 3+ people
Thanks Jamie Im from Glasgow that information is realy helpful. Also am looking to attend your courses any idea when is your next course coming up please ? Tnx for all your training
I put a 1 bedroom flat on the market in Newington to rent at 850 per month in Edinburgh. There immediate 8 applications in a day and was rented out same day.( pre-covid, it would typically have taken 2 to 3 months to get a tenant for same flat.at 750. During civil, rent was 700. So rental market in Edinburgh seems to be heating up, room in shared house may be only option for lower budgets, now at 650 to 700 a month inclusive
fizywig how do property taxes work in Scotland? In the US I pay to my county an annual property tax based value of the land and the buildings. Currently much less than what I could sell the house for.
@@jeannettecarpenter3784 taxes on property are called unearned income taxes, typically “ at present” about 5 % more, than normal waged taxes, as you go up income stream, this taxation rate goes up, but roughly, unearned income tax on property is 5 - 8 % higher than income tax, of course, in the highly fluid conditions and situations we now face with the energy crisis amongst other challenges, this could change, so the high rent yields I suggested could change in all sorts of directions in the coming months, both here in Europe and USA.
Buying a stock is easy, but buying the right stock without a time-tested strategy is incredibly hard. Hence what are the best stocks to buy now or put on a watchlist? I’ve been trying to grow my portfolio of $160K for sometime now, my major challenge is not knowing the best entry and exit strategies ... I would greatly appreciate any suggestions..........
I’m a current lease hold owner on my one bedroom flat in England but once my five year tenancy agreement is over next June 2023 I’m considering selling & then buying a property in Scotland 🏴 🤞🏻
In Scotland we pay an extra £1,494 in tax on an income of £50,000. So the English, Welsh and Northern Irish investors have an advantage over us Scottish residents with Scotland being an often overlooked opportunity and great diversifier for investors. In particular yields are good to excellent in Glasgow and the surrounding counties. Like anywhere there are areas and streets to avoid when chasing yield. Thus if you don't know the area, you'll need someone to vet prospective properties and manage them.
