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Purchasing a Buy To Let property, brings complexity due to tax implications, regulations, and legal liability. As you will not be living in the property, it is seen as an investment. You must follow specific regulations which are not included in standard property purchase. It important to choose reliable and knowledgeable conveyancing solicitors to help you through the process.
Buy To Let Solicitors
Our team of accomplished conveyancing solicitors can help you navigate the legal implications of purchasing such a property. We will take the jargon out of your mortgage offer and explain all legal issues in plain English. We have worked with many individuals purchasing properties across London, Essex and Kent and have many success stories.
Supporting you at Every Stage
Whether you are new to the buy to let market or a professional landlord, our conveyancing team can help you progress your transaction quickly. We will lead you through every stage of the legal process, keeping you continually informed of the work we do by regular text message updates.
What is the process of Buy To Let Conveyancing?
The process of conveyancing for a Buy To let is made simple by our experts:
1. You instruct a conveyancer
Your conveyancer will request the contract pack from the property seller’s solicitor to start the buy to let conveyancing process.
2. Initial Inquiry
The conveyancing process for a Buy To Let property us to check that there are no restrictions on renting out the property. Some properties, such as Leasehold or Local Authority properties, can have such restrictions which will stop you from renting them out. It is important to involve a solicitor early to confirm there are no restrictions.
3. Pre-purchase Checks
We can cover the required pre-purchase checks for you. This includes liaising with Local Authorities, dealing with Drainage and Water companies, and completing Environmental searches. You will be kept in the loop by regular text messages from your solicitor.
4. Contract Drafting and signing
Your solicitor will draft up a contract for you to sign and make sure all secondary legal documents are also signed. These can include a deed of trust or a tenancy in common agreement. A completion date will be arranged at this time, committing you to the purchase
5. Completion of the process
Your solicitor will get a transfer deed together to send to the seller’s solicitor and they will draft up a completion statement. On completion day, documents will be exchanged, and the fund will be released to the seller after they exit the property
6. Covering Stamp duty and Registering Ownership
The very final step is for your solicitor to make sure stamp duty is paid (please note that you may have to pay the additional stamp duty rate) and your solicitor will also make sure the property is registered in your name with the Land Registry.
What can Complicate a Buy-to-let Property Purchase?
Issues with the property
If there are any issues exposed in the initial inquiry, these will need to be addressed. This can slow down the process. Our expert solicitors have experienced a range of issues with buy to let properties and deal with them efficiently.
Purchasing a Property Where Tenants Live
This can cause some disruption to the purchasing process. Our solicitors will make sure that the seller and tenant(s) are not in any dispute, rent is paid up to date, the tenant has been notified of the sale, and that the seller has confirmed that the tenant will be paying rent to the new buyer.
Issues with Mortgages
Buy-to-let mortgages differ from ordinary mortgages and unusual terms can complicate the purchase of a buy to let property. These can include 30-year terms, short-term interest rates and second charge buy-to-lets. Other issues include a bank’s exposure limits. Some banks will limit the amount the lend in certain geographical areas, to individual landlord or on a single property. These factors could make them less likely to lend the required amount. This is why a mortgage survey is completed, and lenders will usually share this with you and let you know of any issues.
What Can we do for you?
Complete the initial inquiries and pre-purchase checks
Our solicitors will carefully investigate the property, ensuring there are not issues with renting the property out. This stage is especially important for buy to rent purchases as you are making an investment, and these restrictions will stop you from renting out the property.
Submit a Stamp Duty Land Tax Form
Our solicitors can submit this from for you and make sure that your payment is sent securely to HM Revenue and Customs. You may be required to pay a higher rate if you are purchasing a second home.
Submit Land Registry Documents
Land Registry is another important document which requires expertise to deal with. We can make sure this is done for you and that your new ownership is registered properly.
Premium Conveyancing Services
We also offer a first-class conveyancing experience where you will be taken through the legal process of purchasing a home. Our excellent customer service and expert knowledge drives our premium conveyancing service.
For your convenience, on our premium service, you will receive a 24/7 contact number (straight to your solicitor), home & weekend appointments, and a document collection service. With us, you will be well cared for all your conveyancing needs.
Additional Services
- Right to Buy
- Re-Mortgage
- Selling
- Other Services
- Equity Release
- Co-Habitation Agreements
- Lease Variation
- Property Transfer, Acquisition & Disposal
Speak with Expert Conveyancing Solicitors
We have been providing excellent conveyancing services since 1976. Driven by our expert solicitors who understand this area of law thoroughly. You speak with them today on 0844 800 9860.
“…a pleasure to work with. Raj gave us expert advice and helped us secure our purchase.” Mohammed, who accessed our Conveyancing service to secure a property. Mohammed was kept in regular contact with by Raj and Vicki, two of our expert conveyancing solicitors.
Our Approach
We are pro-active when dealing with conveyancing for Buy To Let properties. We simplify language so you can better understand mortgages, tax implications, and refinancing.
Our Work
Driven by solicitor who are experts on the sale of Buy To Let properties, we work hard for you to reduce the complexities of purchasing a property that you will not be living in. Our aim is to get things moving quickly for your peace of mind.
Our Clients
We can support anybody purchasing a home that they will not be living in but are looking to invest in. We work with those buying their first Buy To Let property and for professional landlords.
