Edinburgh new build repossessions on the rise - Ross Liddell

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					Press Release

EDINBURGH NEW BUILD REPOSSESSIONS ON THE
RISE


Repossession of new build flats in Edinburgh has risen sharply during the economic
downturn, according to a leading residential property management company.

John Brolly, director of Edinburgh-based Ross and Liddell, has continued to monitor a
growing trend on the number of properties being repossessed by mortgage lenders in
the past two years.

Mr Brolly believes the trend is due to the number of multiple buy-to-let investors who are
now defaulting on the very attractive loan packages being offered at the height of the
property boom.

He said: “With the changing economic landscape a considerable number of sellers have
become reluctant landlords, which has flooded the market with properties and lowered
rental incomes.

“Despite recent reports by The Association of Residential Letting Agents showing that
sales and rental levels are slowly recovering, it has evidently been too late for many.
“The market continues to be extremely fragile and there will still be casualties in the
coming year.

“However as long as there are no further blips in the economic recovery, these should
continue to decrease.”

The wider impact of the re-possession trend is that owners within developments are now
struggling to fund the cost of maintenance for the common parts of the development.
However Mr Brolly added that recent Scottish Government legislation changes have
enabled Ross and Liddell to protect its clients from the considerable debts created by
repossessions.

He said: "The repossessions leave significant outstanding bills including insurance
premiums, maintenance and repair accounts and management charges
“Previously these costs would have to be passed to the other owners within the
development but with these legislative changes we are now able to recover the debts
from the mortgage provider or the new purchaser.

“We estimate that this has saved our clients in excess of one hundred thousand
pounds.”




Ross Liddell, 60 St Enoch Square, Glasgow, G1 4AW
Press Release

Ross and Liddell – which has offices in Glasgow, Edinburgh, Dundee and Paisley -
delivers full property management/factoring services for all types of development.
Key services include: ground maintenance; internal cleaning of all common areas
including windows; lift, security door, TV aerial and satellite maintenance; arranging for
common buildings insurance, which incorporates Property Owners Liability cover;
attending to all general repairs as instructed by residents; advising clients on any day to
day problems which may arise; employing required supervising staff; dealing directly
with Scottish Power regarding the communal electricity supply; and the recovery of
outstanding debts through legislation.

Ends.

Notes to Editors


Established in 1854, Ross and Liddell is one of Scotland's oldest property management
companies. With offices in Glasgow, Edinburgh, Dundee and Paisley, the company is
perfectly placed to serve an expanding clientele across the central belt of Scotland and
beyond.

In addition to property management and maintenance, Ross and Liddell provide a
comprehensive range of residential and commercial services, including estate agency,
surveys, valuations, insurance, investment and marketing advice, rent reviews,
development appraisals, compulsory purchase negotiations, rating appeals and council
tax appeals.

As letting agents they undertake rent collection, tenant vetting, rent roll maintenance,
and provide advice to tenants on leases, furnishings, rental values and legal
requirements.


Issued by Beattie Communications, www.beattiegroup.com on behalf of Ross and
Liddell, www.ross-liddell.com.
For further information, contact:
Neil Mc Donald / neil.mcdonald@beattiegroup.com / 01698 787855




Ross Liddell, 60 St Enoch Square, Glasgow, G1 4AW

				
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posted:3/19/2013
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