Stable Investment of Buy To Let PropertyWritten by homebuy1
In the current economic climate of low interest rates, many individuals are seeking the stable investment of buy-to-let. But what must you be aware of when purchasing a property, in terms of conveyancing?
Purchasing a buy-to-let property
While in many ways the process of purchasing a buy-to-let differs little from the routine conveyancing process, there are other steps that require expert legal advice.
You must ensure that the Conveyancer you choose has experience in dealing with purchases of properties to let. They will bring your attention to anything that may prove difficult in letting the property, such as leasehold covenants that prohibit letting or impose other restrictions on the use of the property.
Many Mortgage Lenders offer specialist buy-to-let products, which you must use if you intend to buy the property to let; never buy a property that you intend to let without declaring it to your Lender. The same goes when it comes to choosing property insurance for your buy-to-let, Just Landlords reminds investors.
Selling an investment property
When you come to sell your investment property, the important detail that you must consider is whether the buyer wants to purchase the property with vacant possession or subject to the existing tenancy.
If vacant possession is required, the tenant must be permitted to remain in the property until the contract comes to an end, after which a notice to quit may need to be served. Naturally, this can cause delays, so must be factored into negotiations.
If the buyer wishes to purchase subject to the tenancy, then an appropriate rent authority is required, along with an apportionment of rent paid up to the date of completion.
You must remember that the sale of an investment property will inevitably lead to Capital Gains Tax (CGT) liability. If you have never lived in the property, you will not be able to claim the Private Residence Relief.
Choosing a conveyancer
While it is important to choose a Conveyancer that has experience with buy-to-let landlords, it is wise to choose a Licensed Conveyancer or Conveyancing Solicitor. A Licensed Conveyancer is a qualified lawyer that specialises in property law. Using a professional for conveyancing ensures the successful completion of the transfer and helps to resolve any issues.
You may like to use the Homebuyer Conveyancing online Calculator and Solicitor finder service. No personal details are required to view and compare the instant quotes. This may be a good idea if you have a large buy-to-let portfolio and are therefore looking for the quickest and most cost-effective option.
Another option is to use a local Solicitor to complete the transfer process for you. It is advised that you find a Solicitor who specialises in conveyancing and is registered with the Law Society, which requires them to comply with a code of practice. You can filter your Homebuyer Conveyancing search results by price, location and by Mortgage Lender.
You should always use a Conveyancer that is registered, either with the Law Society or the Council for Licensed Conveyancers (CLC). The CLC ensures that services provided to all property buyers are effective and efficient, and all Conveyancers have undergone relevant experience and training. The CLC has strict guidelines on who can become a Conveyancer, and ensures CLC examinations are successfully completed, in addition to practical training.
Written by Rose Jinks, Digital Marketing Executive, Purple Bridge Publishing
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