Buy to Let
Buy to Let Solicitors | Finchley, North London
Suppose you are seeking to purchase a property as an investment. In that case, this is often referred to as a ‘Buy to Let’ as you are not purchasing the property as a residence for yourself but are making the purchase as an investment and to secure rental income.
The initial stages of a ‘Buy to Let’ purchase are the same as any other property purchase. The legal part of the process (conveyancing) is necessary to ensure you legally and correctly secure the property.
There are, however, some additional considerations for buy to let properties that the Pittalis LLP Property Solicitors will advise and guide you on. These considerations are:
• It is necessary to confirm that the property you are purchasing has no renting restrictions.
• If you are purchasing the property with a mortgage, it will be necessary to confirm that you have the right mortgage that allows you to let the property. Your lender must know that they must provide you with a ‘Buy to Let’ mortgage.
• The Stamp duty rate payable to HMRC differs from a buy to let property from a standard property known as the Stamp Duty Surcharge. Full details can be obtained from the GOV.UK website.
• You will need a tenancy agreement for the purpose of letting the property, which the tenant will need to sign to govern the contractual position with you as Landlord and them as the Tenant. If you intend to let the property quickly, the sooner you get the tenancy agreement drafted, the sooner you can let your property and start to generate an income.
The Pittalis LLP legal team will assist you with your ‘Buy to Let’ tenancy agreement in addition to completing the property purchase for you.
How we help
As with all property services, our team will provide you with a high level of care and a quality responsive service. You will be allocated a case handler who you will have direct access throughout your property transaction.
We will ensure that we cover all of the legal aspects to be considered part of a property purchase and a ‘Buy to Let’ purchase through the advice we provide.