Buying a second residential property for the purposes of receiving rent has become an increasingly popular trend in recent years. Today’s homeowners are transferring part of their accumulated equity into growing property portfolios to generate both incremental rental income and to benefit from the properties increasing market value. We relish in assisting clients to build a portfolio of property and offer useful updates and advice every step of the way.
Potential pitfalls and remedies
For most buy-to-let purchasers the idea of finding a desirable, affordable property in need of minor improvements or modernisation is what appeals most.
Whether re-mortgaging is required or not, it is worth noting that all the same risks and pitfalls exist with acquiring a buy-to-let property. We can help advise you about all aspects of both Landlord and Tenant law; rental agreements, landlord obligations, debtors, eviction criteria and other responsibilities you may be liable for, along with our recommended approaches and remedies.
Why use a buy to let solicitors?
Our experienced buy to let solicitors will be on hand to offer you best advice and take the stress out of the property purchase process.
In the initial stages the process of buy to let is very similar to buying a residential property and so instructing an experienced local conveyancing solicitor from the offset would always be advised.
Your solicitor will then be able to ensure that all paperwork and mortgages are prepared correctly.
Once the property purchase is complete and you are in a position to search for tenants, a tenancy agreement must be drawn up. Such an agreement will need to be bespoke and include any specific clauses that apply to your circumstances, so a tenancy agreement should therefore be drafted by a legal expert.