Buy to let properties can be a very attractive investment. Whether you’re a first time landlord, you’re planning to expand and diversify your property portfolio, or you’re looking to sell, our expert property solicitors have helped thousands of our clients add a new property to their portfolios.
The buy to let purchase conveyancing process
Always take legal advice at an early stage.
- Your offer is accepted on the property, gain a quote from our dedicated sales team and when happy you instruct a us as your solicitor.
- Paperwork will be sent out for you to complete and return along with any deposit and ID verification.
- Your conveyancer contacts the seller’s solicitor to get the contract pack.
- Contracts are checked, enquiries raised and we carry out necessary local searches.
- The conveyancer should make sure there are no restrictions on renting out the property. They should also be able to advise you on wider issues such as environmental and planning law. If you have any questions about your future plans for your investment property now is the right time to ask.
- If you are buying with a mortgage your conveyancer will check you have the right type of mortgage. You will need a buy-to-let mortgage rather than a residential mortgage.
- Your conveyancer should send the contract for you to sign and also help you with any secondary legal documents needed with your buy-to-let such as a deed of trust or a tenancy in common agreement.
- A completion date is agreed and both parties’ conveyancers exchange contracts. You are now legally committed to the purchase.
- Your conveyancer prepares a transfer deed and sends it to the seller’s conveyancer ready for completion.
- They then draw up a completion statement and carry out any pre-completion searches. If you are buying with a mortgage your conveyancer will ask your mortgage lender to advance the money.
- On completion day your conveyancer will send the purchase amount to the seller’s solicitor once they know they have vacated the property.
- Your conveyancer will send any stamp duty due to HMRC. With a buy-to-let property you may have to pay the additional stamp duty rate.
- Finally, your conveyancer registers the property in your name with the Land Registry.
With buy-to-let conveyancing your conveyancer may also be able to help you with the legal documents you need when renting out your property such as a tenancy agreement.
What are the legal requirements of buy to let?
As with buying a property you intend to live in, once the seller accepts your offer, you will need a solicitor or conveyancer to act on your behalf throughout the buy to let conveyancing process. They will make sure all the legal matters around taking ownership of a house are taken care of. It is highly advisable to choose specialist property solicitors to represent you during this potentially complicated process.
There are a number of certifications and regulations you will need to obtain and meet to ensure you have in place before you can rent out your property. They include:
- Gas & Electrical safety certificate
- Energy performance certificate
- Landlord’s insurance
- Meeting fire safety requirements for furniture and furnishings (if present)
- Obtaining a House in Multiple Occupation licence (if necessary)