Buy to Let

Whether you are using a mortgage or buying your property mortgage-free, TWM Solicitors will guide you through the buy to let process.

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Claire Fountain
Partner and Head of Residential Property

With weakening returns on Stock Market and cash investments, many people are turning to buying a second, third or multiple properties to obtain a return on their investments.

Whether you are obtaining a mortgage or buying the property mortgage-free, our lawyers at TWM Solicitors can guide you through the particular issues involved with your ‘buy to let’ or property investment.

We set out below some typical circumstances that you should be mindful of with your property purchase:-

  1. If you are getting a mortgage, tell your mortgage broker or lender immediately that you intend to rent the property out. Some lenders do not lend in those circumstances and all lenders will change the mortgage product so it is important this is made clear before the mortgage offer is issued or you may not be able to proceed with your property purchase.
  2. You should ideally get a specialist to inspect the central heating system and any other gas installations and appliances and electrical appliances and fixed electrical installations before you proceed to exchange of contracts. The reason is a qualified heating engineer and electrician must annually test the heating system and appliances whilst a property is rented out. If the specialist requires work to be done before they issue the certificate, then this can be costly and vastly reduce your return on your investment. You should therefore ensure you can get the price reduced to cover the cost of required work before you proceed to exchange of contracts.
  3. If you are buying a property subject to an existing tenant, are there references for the tenant, have there been any difficulties with the rent payment and is the deposit paid into an approved deposit scheme? If there are any problems with these issues, you should think about the suitability of this purchase as you may not be able to recover the rent which obviously affects the return on your investment.

If you would like specialist advice on a purchase of this type, please complete the form below and we will be able to provide you with a quote.

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