Buy to let

Whether you are buying or selling property, either as part of an investment portfolio or as a second home, we will be happy to help you every step of the way.  If you decide to purchase the property through a Limited Company structure then we can not only set the company up but also take care of all the administration in relation to the purchase of your property through the company.

We have the expertise and experience of working with mortgage lenders that lend to limited companies and portfolio buyers in a buy to let purchase.  We have four tips that any investor should consider before a purchase, based on our years of experience:

The right property

If the property is already tenanted, you need to ensure that you know what type of tenancy the occupier holds.  Most will be the fairly standard Assured Shorthold Tenancy (AST) if the annual rent is below £100,000. 

Advice should be sought on any other type of tenancy, for example a sitting or Council tenant, as you could have difficulty in recovering possession or getting the tenant to pay an open market rent.

We can also assist if the property you are purchasing is untenanted. 

The right condition

Both landlords and tenants have repairing obligations under an AST.  Most, but not all, of your repairing obligations as a landlord are governed by the terms of the tenancy. 

A tenant has to provide access throughout the term for you to carry out the necessary checks; if they do not do so willingly, it is no excuse for you not to carry out the annual gas safety checks and complete any necessary maintenance and repairs.  If this is the case, an application to the court may be necessary.

Once the tenant has vacated the property at the end of the AST, they are obligated to leave the property in a tenantable state.  At the beginning of the tenancy, taking photos and producing an inventory of the property so that both you and your tenant know how the property was at the outset is a good way of ensuring there are no future issues.  This is ordinarily arranged by the letting agent, but it is your responsibility to ensure it is done.

We can produce the AST and all documents associated with letting and our Litigation team can also act if you ever need to take action the AST.

The right surveyor

As with any property purchase, we would always advise having a surveyor to review the property before you commit.  Always ensure that the surveyor is aware that it is a buy to let purchase. 

The lender’s surveyor report may not give you the fully detailed answers specifically as a buy to let property.  We would recommend you invest in your own surveyor as you may not find all the answers you need to make a decision on he property if you rely on your lender’s surveyor report.  As there are several types of survey available, you should choose the right survey for the property.  Find out more about the variety of surveys available here

The right deposit

Any deposit paid by the tenant must be protected using the authorised Tenancy Deposit Scheme (TDS).  If it is not, you could be ordered by a court to pay the tenant a sum equal to three times the amount of the deposit.  Find out more about the TDS, your responsibilities and the information you should provide to the tenant here

If this is your first buy to let property, you have a small portfolio or you are an existing organisation with multiple properties, we can help.  Contact us with any questions or for a quote by email at conveyancingquote@warnergoodman.co.uk or by telephone:

Fareham: 01329 222096
Southampton: 023 8071 7449
Portsmouth:  023 9275 3575
Chandler’s Ford: 023 8071 7467
Email: conveyancingquote@warnergoodman.co.uk

 

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