Purchasing buy to let property is a popular method of investing with the aim of increasing capital over time whilst also receiving monthly income in the form of rent payments. However, it is vital that you have access to excellent legal advice when making any property transaction. Our buy to let solicitors have extensive experience in this field of law and can provide excellent support and guidance throughout the entire process.
As a team, we have many years of experience working in buy to let conveyancing, handling all the legal aspects of the conveyancing process whilst keeping your stress to a minimum.
Our expert solicitors have assisted many clients to add new properties to their portfolios with minimal hassle, combining their many years of experience with an extremely high standard of service.
We value our clients, so we make sure to provide practical advice that is personally tailored to your specific circumstances, whether you’re investing for the first time or already have a large property portfolio.
Contact our Buy to Let solicitors
To get in touch with one of our expert buy to let solicitors you can call one of our offices in Battle, Bexhill on Sea, Eastbourne, Hastings or Rye. You can also use our contact form to make an enquiry. Our solicitors for buy to let properties will be happy to answer any initial questions you may have.
Our Buy to Let services
Our team of expert buy to let conveyancing solicitors can assist with the following:
- Liaising with all parties involved, including the other party’s solicitors, estate agents, mortgage lenders, surveyors and freehold landlords should this be required.
- Undertaking searches and reporting on the legal title to the property
- Advising on rights and restrictions associated with the property
- Drafting and/or reviewing all relevant legal documentation
- Ensuring finances are transferred to the correct places in a timely fashion to ensure the transaction is completed
- Applying to HM Land Registry to ensure that the property is registered correctly under your ownership
- Advising on your legal rights and obligations throughout the process and as a landlord
- Communicating with your mortgage provider to change the mortgage on your current property to a buy to let mortgage
How buy to let conveyancing works
Buying a buy to let property
When purchasing a buy to let property, you will be required to go through the same process as if you were buying a residential home to stay in. However, you will need to make a few more considerations.
Our solicitors will be able to act on your behalf when you are making a buy to let property purchase, even before you have found the property you wish to buy. Our team of buy to let solicitors will make extensive preparations beforehand, creating a file so that we are able to begin as soon as your offer is accepted.
After receiving the contract papers from the seller’s solicitor, we will carefully analyse the information given and apply for any relevant searches, whilst ensuring that there are no restrictions when it comes to you renting out the property.
If you are arranging a mortgage for your buy to let property, your lender will send us the mortgage offer. Once we have reviewed this in detail and approved it, we will ask you to sign the contract as well as the mortgage deed.
A completion date will be agreed between you and the seller, when you exchange contracts. At that time the agreement to purchase becomes legally binding and a deposit, typically 10% of the purchase price, will be paid.
Following the purchase, our rental property solicitors will then arrange for the registration of your ownership with HM Land Registry, as well as the payment of and stamp duty, taking in to account higher rate stamp duty land tax.
Selling a buy to let property
Should you need our assistance when selling a buy to let property, our buy to let solicitors will provide you with the relevant property information immediately, even before a buyer makes an offer on your property. This helps to expedite the process so we can send out the initial paperwork as soon as you accept an offer.
During this process, it is likely that there will be a number of enquiries from the buyer’s solicitor, which we will be able to deal with on your behalf. We will also obtain your signature on the contract and transfer deed, in readiness to exchange contracts and set a date for completion.
Frequently asked questions
How do you qualify for a buy to let?
Unless you are buying without the need for mortgage finance, you will have to meet the criteria set by the lender to obtain a buy to let mortgage. This typically includes factors such as income stability, creditworthiness and having the ability to cover mortgage repayments.
Potential buyers should ensure that they have a solid credit history and can demonstrate that they have a proven financial track record. Lenders will usually assess the applicant’s income to make sure that they will be able to meet their mortgage obligations and may consider rental income from the property as part of the assessment.
There may be a minimum deposit required, calculated as a percentage of the property’s purchase price and often larger than necessary when buying a home to live in.
How much deposit do you need for a buy to let property?
The minimum amount for a deposit for a buy to let property mortgage is typically 25% of the property’s purchase price, however some lenders may be willing to accept a 20% deposit or less. The larger the deposit, the less you will need to borrow, which also means you will be paying less interest over the mortgage term.
What are the costs of a buy to let mortgage?
The costs involved in a buy to let mortgage cover many aspects that potential landlords should take into consideration. These elements include interest rates, arrangement fees, valuation fees for property assessments, conveyancing fees and broker fees if you require assistance in finding the best deal. Stamp duty land tax can also be applicable if the property is over a certain value. If you own multiple properties, there is also a higher rate of stamp duty which will apply. Once the property has been purchased, it is always advisable to frequently set aside money for any maintenance and repairs that the property may need in the future.
Landlords should also take into account the periods of times between tenancies where they will not receive any rent as well as any tax implications such as income tax on any rental income.
Our buy to let solicitors have years of experience in this field and are available to provide you with legal buy to let advice that is tailored to your specific circumstances.
Contact our Buy to Let solicitors
To get in touch with one of our excellent buy to let solicitors you can call one of our offices in Battle, Bexhill on Sea, Eastbourne, Hastings or Rye. You can also use our contact form to make an enquiry. Our solicitors for buy to let properties will be happy to answer any initial questions you may have.