If you’re considering purchasing a buy to let property for the first time, you’ll need to be aware of some specific issues; these include buy to let mortgages, local authority licensing schemes, landlord insurance, tenancy agreements and how to deal with any landlord-tenant disputes.
Regardless of whether you are considering becoming a buy to let landlord for the first time or you are simply expanding your existing portfolio, you’ll need to consider a number of factors including:
- the best way to fund the purchase
- securing the right kind of mortgage
- whether the rental income will cover outgoings?
- The best way to manage the property and its tenants
- how the rental income will affect your income tax obligations
Getting legal advice at an early stage will help you decide whether a particular property is suitable for investment. We can:
- carry out searches, enquires and reports on the property title
- make the appropriate registrations of interest at H.M Land Registry
- prepare tenancy agreements
- provide advice on regulations such as multiple occupation obligations and tenancy deposit schemes.
For more information, please contact our residential property teams in Halifax, Brighouse and Huddersfield.