Buy To Let

Buy To LetSolicitors for Buy to Let landlords

Buy to Let properties are becoming more and more popular as a business investment.

The UK is experiencing a housing crisis that isn’t going away anytime soon. This means that being a landlord is almost guaranteed to provide a long-term, stable income.

But being a good landlord isn’t always easy. It can take effort. There are many legal requirements to understand and responsibilities to meet.

You might be a first-time Buy to Let landlord. You might already have a property portfolio. Equally, you might be looking to sell a Buy to Let property.

To discuss any of our services, please either call us on 01244 917 822 or complete a Free Online Enquiry.

“We were quite happy with the service you provided. With being local, we were able to visit whenever necessary, which we appreciate, and all phone calls were dealt with by yourselves in a friendly and helpful manner.”

(Mr & Mrs V – Property transaction)

In all these cases and more, E A Harris has been the solicitors for Buy to Let landlords across Flintshire (Sir y Fflint) for over a hundred years. Here’s why:

Helping You Get The Best From Buy To Let

Buying to Let comes with a huge range of additional information to sort through and decisions to make on top of a standard residential property purchase. We can help you with that.

As a full service law firm – the first in North Wales to achieve LEXCEL accreditation from the Law Society – we can assist you with all aspects of buying or selling property, including:

  • Advice on Buy to Let financing and mortgages
  • Tax information and advice
  • Your legal responsibilities and rights as a landlord

What Our Buy To Let Solicitors Do For You

Some of the key tasks our Buy to Let conveyancers undertake for people looking to become landlords include:

  1. Liaise with all other parties – including the buyer or seller’s solicitors, surveyors, HM Land Registry, and many others.
  2. Help you change your mortgage – Buy to Let properties require a specific type of mortgage. You may need to remortgage if you are planning to rent out your existing home and move to another.
  3. Advise on tax – Stamp Duty Land Tax still needs to be paid and submitted at the right time based on property value. We help you ensure it is.
  4. Draft contracts and complete searches – as well as undertaking all of the other usual conveyancing tasks required when you buy or sell property in the UK.
  5. Explaining your legal position as a landlord – as a landlord, you have rights but you also have legal responsibilities that are important to understand. We can help you meet your ongoing responsibilities and protect your interests.

What Is Buy-To-Let Property?

Buy to Let properties are residential homes bought with the sole goal of being rented out. The idea is to create a steady revenue stream. There’s also the chance of capital gains if and when the property is eventually sold.

However, purchasing a property with the goal of renting it comes with its own unique legal and financial challenges. Not least the fact that you will need a special type of mortgage.

Understand Buy To Let Financing And Mortgages

You can’t normally rent out a property if you bought it using a standard residential mortgage. There are often specific terms in your mortgage forbidding it.

Most mortgage lenders treat rental properties as higher risk. The suggestion is that there may be times when the property is unoccupied or you have problems collecting the rent. This is perceived as a problem because most

Buy to Let landlords rely on rent to cover the mortgage.

Let us help you understand your legal position regarding Buy to Let financing and mortgage options. These often have additional conditions attached, meaning they:

  • Require a larger deposit on average (usually 20%+)
  • Come with a higher rate of interest
  • Often have an attached “lender arrangement fee” of around 0.5% to 2%
  • There may also be a “valuation fee” based on the value of the property
  • Some are “interest only”, meaning you can never pay them off

The Solicitors For Buy To Let Landlords

E A Harris has been helping local people in Shotton, Connah’s Quay, Queensferry, Ewloe, Hawarden and Buckley with their legal needs for over a century.

Our friendly, approachable team can explain anything about the Buy to Let process you need to know more about. As a full service firm, we also support you throughout the process.

Most importantly, this means keeping in touch with you to update you as to progress. We know just how annoying it is to not be kept fully informed by your conveyancers.

Find out if we can give you the support you need today by reaching out to us on 01244 917 822 or by completing a Free Online Enquiry with no obligation to use us.