Buy To Let Conveyancing Solicitors

Buying a residential property for rental purposes, commonly known as a buy to let, has become an increasingly popular trend in recent years. For investors, this could be part of building a portfolio of properties to generate an incremental rental income and benefit from each property’s increasing market value on retirement. Equally, for existing homeowners looking to transfer part of their accumulated equity into a second property, this can provide a potential nest egg for the future on re-sale, with some additional income in the interim.

For most buy to let purchasers, the basic premise is to identify a desirable and affordable property, ideally in need of only minor improvements or modernisation, although it is not uncommon for complete renovations to be undertaken by purchasers for the right property, all of which will come down to profit margins and budget. The complexity of buying an investment property will also depend on whether the property can be purchased outright, factoring in the cost of any renovations, or whether a buy to let mortgage will be necessary.

When it comes to the legalities around buy to let properties, in addition to securing a specialist mortgage, plus the usual conveyancing process involved in the purchase of any residential property, there are also various strict rules and requirements when it comes to the rental process. These range from right to rent checks and entering into a tenancy agreement to meeting various statutory obligations as a landlord. From the point an offer is accepted on a property, right through to securing a suitable tenant, it is essential to have the right legal advice and representation, both as a purchaser and as a prospective landlord.