Buy To Let
The phrase ‘buy to let’ refers to a property that has been purchased with the purpose of renting it out. At Ross Williams Solicitors we are experienced at handling conveyancing transactions for buy to let properties. Whether you’re an experienced landlord or completely new to the world of letting, we can help to navigate you through the complete process with our knowledge and expertise. Understanding the legal side of things can help make the acquisition of your rental property simple.
It is perceived that as long as you have good tenants or a good letting agent, with the prices of property rising, that ‘buy to lets’ is financially a lucrative market. However, there are risks with investing in property for letting. It is important that you fully understand what you are undertaking as a landlord and the appropriate procedures with the buy to let mortgage that you are undertaking. Using an experienced, trustworthy conveyancer who communicates clearly is essential, but understanding the process will help make the financial undertaking less stressful. Conveyancing for buy-to-let property transactions works in a similar way to that of a traditional residential property purchase; if you’re already a homeowner, you’ll know what to expect.
Our partners have over 50 years combined experience. We specialise in family law including divorce, children issues and financial implications, and also in property and commercial work, and wills, estate and Probate. Though we specialise in family law, we can help in a wide range of legal matters.
If you have an existing mortgage on the property, you will need to seek permission from the current lender to rent out the property. You will need written consent from them before you rent out the property. Rental properties are required to have the relevant safety checks completed, such as the Gas Safety certificate. We will help guide you through this. There should also be a shorthold tenancy agreement in writing. It is important that you take due care with this as your particular circumstances may require specific clauses that to be added by a solicitor.
Income tax may need to be paid declared and paid, stamp duty when you purchase the property and capital gains tax if and when you sell the property. We provide expert support and advice from our highly knowledgeable property solicitors to ensure that we protect your interests. The buy to let conveyancing is fully managed, so you can rest assured you’re in safe hands throughout.