Buy to let
Buy-to-let is a form of investment where a residential property is bought with the intention to rent it out for profit. Whether you are looking to build up a portfolio of investment properties or whether you are taking your first steps in property investment, seeking professional advice is crucial.
When you decide to invest in a buy-to-let property your objectives will be different from when you decide to buy a home for yourself: usually you would want to see that the property holds and improves its value and generates an income through the rents. The legal and financial position of an investment buyer differs substantially from that of a home-buyer.
COODES ARE HERE TO HELP
Many law firms are guilty of pigeon-holing a buy-to-let investor as another residential property client. Coodes identify that buy-to-let properties require a blend of legal skills that overlap between traditionally commercial and individual areas of law.
Our fast and efficient Buy-to-Let team boast a range of skills and can help you with everything from the initial property acquisition, tenancy agreements and disputes.
We can help you with:
- The buying process
Our residential property department is the largest in the county and is accredited with the Law Society’s Conveyancing Quality standard. Coodes is on the panel of all major banks and building societies in the country and we are familiar with the differences between the conditions imposed by lenders on their buy-to-let mortgage products and those for an owner-occupier mortgage. For cases where a niche commercial lender chooses to use their own legal advisors, we pride ourselves on dealing with them promptly and professionally.
- Advising on your responsibilities as a landlord
No matter how ‘hands-on’ you want to be in renting out the property, our specialists can assist you.
Some investors will chose to pay a managing agent a percentage of the monthly rent to manage the property however, ultimately, the owner of the property remains responsible for complying with the legislation.
Regulation in the private rented sector has increased dramatically over the last decade and the penalties for failing to comply can be enforced by the local authority through the Magistrates Court. Landlords have a responsibility to provide a safe environment for tenants, employees and visitors to the property they own, and if they fail to do so, they can be sued or prosecuted in the criminal courts.
Planning consent may be required if the property is to be used for multiple occupation and you may need to consider disabled access.
At the outset of your purchase we will give you a checklist setting out the main points that you will need to consider both before you let the property to tenants, during the tenancy and at the end of the tenancy.
- Preparing assured shorthold tenancies and advising on tenancy deposit schemes
The major factor in the success and profitability of your buy-to-let investment will the drafting and upholding of a tenancy agreement.
Coodes offer two fixed price landlords services :
Value service at just £199 + vat which includes drafting an Assured Shorthold Tenancy Agreement and advising you on deposits, insurance obligations and bringing the agreement to an end.
Premium service at £499+ vat
For more information contact Jo.Morgan@coodes.co.uk
Coodes can also help you in obtaining possession of the property if things go wrong – (rent arrears, disrepair etc.). Call us now for more information 01726 874700
