We know that investing in rental property is a big step and a big decision. We work with you to ensure you’re clued up and ready to go.
Buy-to-let can be a minefield to navigate, and there may be some pitfalls along the way. But we work with you to make sure all areas are covered.
Thinking about a Buy-to-let?
Our team of solicitors are here to advise and guide you through the buy-to-let process, whether you are a first-time investor or a seasoned professional.
Buy-to-let can be a minefield to navigate, and there may be some pitfalls along the way. But we work with you to make sure all areas are covered. Our team of solicitors are here to advise and guide you through the buy-to-let process, whether you are a first-time investor or a seasoned professional.
Your Buy-to-let responsibilities
We’re here to make you aware of your responsibilities before you go into a buy-to-let.
The initial purchase and associated mortgage need to be handled properly, but prospective landlords must also be aware of the sometimes demanding and challenging responsibilities they may face.
Considerations
Firstly, you need to consider – who will manage the property? Do you have the skills and knowledge to do it yourself, or will you outsource it to a letting agent?
Landlords are also responsible for providing a safe environment for tenants, employees, and visitors to their properties. Failure to do so can result in criminal prosecution. You may also require planning consent if you intend to use the property for multiple occupations, and you may need to consider disabled access.
We provide honest and realistic advice – because that is needed to help you make the right decisions around the legal responsibilities you are taking on.
We provide expert guidance on tax, financing, insurance, and more practical matters such as maintenance and planning consents.
Choosing a suitable property
Making an informed purchase is essential when choosing a buy-to-let property. Here are some key considerations:
- Return on investment – How much per annum is your property likely to yield? Consider your outgoings and research comparable rental values to ensure the property will make you a return.
- Location – Ensure the property you are looking at is in a desirable area for tenants. Does it have good amenities, transport links, schools, etc.?
- Age and condition – Are you likely to face any expensive repair bills now or in the future? An older property is probably at greater risk of damp, leaks or structural issues that could substantially increase your costs.
- Energy efficiency – Rental properties must have an Energy Performance Certificate with a rating of A-E. Will your preferred property need work to meet the standard?
- Value – What will the property be worth if you decide to sell? A rental-purchase is ultimately an investment, so be sure to select one that will have some capital growth.
Buy-to-let mortgages
Financing a buy-to-let property works slightly differently from a standard residential mortgage – and our team can help explain this to you – in a simple, jargon-free way.
Most landlords expect their rental income to cover their lending, but there are likely void periods, increasing the mortgage company’s risk.
You are unlikely to be permitted to let a property subject to a standard mortgage. If you wish to convert existing lending to a buy-to-let, please speak to our team of friendly experts or an independent financial adviser.
What’s next?
Our conveyancing solicitors are here to help you through the process of investing in buy-to-let property and answer your questions.
Give us a call on 0114 218 4015 or complete our enquiry form. We’re on hand to talk through your questions or provide you with a no-obligation quote.
