An increasingly popular investment, buy-to-let purchases can present their own challenges for a buyer and landlord.
Whether you are buying your first investment property or adding to a portfolio, our experienced team will ensure that your buy-to-let purchase proceeds as smoothly as possible.
Expert conveyancing for your buy-to-let purchase
At Home Property Lawyers our helpful and friendly conveyancers will support you, working with the estate agents and the seller’s solicitors to ensure your buy-to-let property purchase completes as quickly as possible.
Our experienced team are here to ensure that every stage proceeds as smoothly as possible. With a dedicated and contactable conveyancer assigned to you from start to finish, you will be kept fully informed throughout.
What do I need to consider before purchasing a buy-to-Let?
Unlike a standard residential purchase, a buy-to-let comes with its own set of considerations and requirements. As you will take on the responsibilities of a landlord, it’s worth noting a few additional points which apply to buying a property to let:
- Before renting the property out you will need to arrange electric and gas checks and set up a Tenancy Deposit account for any bond you take from your tenants.
- You will also require a Shorthold Tenancy Agreement once you find a tenant for the property. We can help you with this
- You will need to make sure you have the right kind of mortgage type (buy-to-let mortgage)
- You must check that the property can be rented. Some leasehold properties in particular can’t.
- You may need a licence or permission from the local authority to rent the property.
- You may be liable to pay a higher level of Stamp Duty Land Tax
What are the stages of a purchasing a buy-to-let property?
Once you have found your buy-to-let property, the conveyancing process is fairly straightforward, following a number of typical steps.
View the steps
- We will send you a pack of information and some forms to complete and return.
- You will be asked to provide money on account for third party expenses such as searches.
- You may be asked for evidence of your identity and your address if not provided by the estate agent.
- If your deposit is a gift, we will need proof of the gift, ID and address verification for the person giving the gift. You will need to tell your lender of any gift as soon as possible to avoid any issues later in the transaction.
- We will contact the seller’s solicitors to request:
When we receive the contract pack we will check the title and raise our initial enquiries with the seller’s solicitors.
- The contract
- Details of the title to the property
- A Fixtures and Fittings Form
- A Property Information Form (Protocol forms)
- If not already provided to us, we will request searches such as:
Once we receive the results, we will review them and raise any further enquiries with the seller’s solicitors.
- Local Authority Search
- Environmental Search
- Drainage Search.
- If you are buying a leasehold property, it is important to check there isn’t a provision in the lease preventing you from letting the property. You should speak to the landlord or management company to check what, if any, arrangements should be made for consent to let before you authorise us to exchange.
- A property report will be prepared setting out key information relating to the property. We will send this to you with:
- A plan so we can ensure the boundaries of the property you are buying are correct
- A contract
- A Transfer Deed (TR1)
- Completed Protocol forms
- Copy documents
Mortgage and money
- If you are obtaining a mortgage, your lender will send us a mortgage offer. Once received, we will review the offer and deal with any special conditions so that on completion we can get the mortgage funds from your lender.
- If you have a Help-To-Buy ISA you will need to provide us with your closing statement at least three weeks before completion. You can get this from the bank or building Society managing your ISA. We will need this together with a signed First Time Buyer declaration to enable us to obtain the bonus. It is imperative that you provide this to us; any delay could result in the bonus being delayed. If we do not have this on completion you will lose the bonus as we are unable to utilise this after completion under the scheme rules. Further information can be found here.
- Once we and your lender (if applicable) are satisfied regarding enquiries and searches, we can discuss a completion date with your seller’s solicitors and commit (exchange contracts) to a completion date.
- In readiness for exchange of contracts we will require your deposit.
- We will carry out final searches before completion in case anything has changed. We will also request the funds from your lender (if applicable) and any balance funds from you. On the day of completion we will pay the purchase monies to the seller’s solicitors.
- On the day of completion, once the seller’s solicitors receive the funds, we can confirm completion and you can collect your keys.
- Following completion we will pay your stamp duty land tax to HMRC and deal with registration of your ownership and your lenders charge with the Land Registry.
Why might buying a buy to let property take longer?
Although the process of a buying a buy-to-let property is quite straightforward, there are things that can complicate and delay matters, for example:
- Several people in the chain, all with different transactions and circumstances to accommodate.
- An adverse survey which down-values a property or means that essential work needs to be carried out before completion.
- Someone in the chain unable to secure a mortgage.
- Problems with the property title, such as missing documents, inaccurate plan, defective lease, breach of covenants or lack of necessary planning permissions or building regulations.
- The property being a leasehold, which requires additional information to be collected from third parties
- Adverse search results which result in further investigations.
- People simply changing their mind about moving.
Choosing Home Property lawyers gives you:
- A friendly and caring expert conveyancer, assigned to you.
- Efficient and proactive service from a team of professionals.
- Helpful and responsive communication, keeping you informed throughout your buy-to-let purchase.