Buying to let – what you need to know
Buying a property can be a complex process. There are some additional things that you need to be aware of when you intend to let the property. You need a specific type of mortgage and various insurances as well as safety certificates and a tenancy agreement before you can purchase and let a property.
The conveyancing process
When we are acting as your conveyancing solicitors in Portsmouth for a buy-to-let property, much of the process remains the same as for a normal property purchase. However, there are some additional things you need to bear in mind:
- Exploring restrictions – when Andrew & Andrew are acting as your conveyancing solicitors in Portsmouth, one of our jobs is to do various checks for you. if you let us know that you intend to buy-to-let then we can check that there are no restrictions on the property that do not allow you to do so. This is fairly common for some types of leasehold property;
- Protecting against fraud – when someone lives in a house you own, it can leave you open to various types of fraud. For example, they could try and sell the house in their name. We can ensure that a restriction is registered on the land title prohibiting any sale without the proper legal authorisation. We can discuss this with you, along with other fraud prevention advice, when we act as your conveyancing solicitors in Portsmouth;
- Ensuring you can meet your obligations – you need to make it clear to various agencies that, while the tenant is responsible for certain costs, like utilities, you are still the property owner. This means you need notification of anything that affects the property. You remain liable for costs like paying the ground rent on the property even though you will probably reclaim at least a portion of it from the tenant. Andrew & Andrew can notify all relevant parties for you so that you can be sure of receiving any pertinent correspondence;
- Stamp duty – if you are already a home owner, you are likely to have to pay stamp duty on the property you are purchasing. This is one of the financial transactions that we take care of at the completion of your purchase.