Buy-to-let with confidence An interesting topic : As returns on bank deposits and annuities rates remain dismally low, many people are turning towards property investment, becoming buy-to-let landlords to fund their retirement or provide for their childrenâ€™s future.
With home ownership falling to 66 per cent in the UK, the growth in the rental market may seem like an attractive prospect. However, becoming a landlord is not just a simple matter of collecting rent.
Before a property can be rented out, it has to satisfy the standards of health and safety regulations. Landlords are required by law to ensure that all domestic appliances such as boilers, heaters and gas fires are regularly tested and they have to produce a number of documents, with severe penalties for non-compliance.
The greatest concern for most would-be landlords is how to find regular and reliable tenants to maximise the rental return.
This fear is echoed by mortgage lenders who are increasingly cautious about lending to inexperienced buy-to-let landlords. When purchasing a leasehold property for buy-to-let, additional costs of ground rents, service charges and building maintenance also need to be factored in when calculating the return and setting the rental rate.
The onus is on the landlord to find the right letting agent, draw up the tenancy agreement and to keep reviewing additional legislation concerning furnishings and inventories.
It is now compulsory for private landlords to hold their tenantâ€™s deposits with a tenancy deposit scheme and there are various schemes to choose from. With so much at stake, buy-to-let landlords need experienced residential property solicitors who are familiar with the different mortgage, land registry and insurance requirements for buy-to-let properties.
Burnett Barker specialist solicitors have extensive experience of working with landlords and tenants, banks, insurers and the land registry on buy-to-let projects.
Should problems with tenants arise, their Disputes & Litigation team specialise in dispute resolution, tenant eviction, rent recovery and providing general advice on landlord law. Before you buy a property to let, or if you are in need of legal help and advice on landlord and tenant law just give them a call on 01284 701131.
Burnett Barker Solicitors, 3 Hatter Street, Bury St Edmunds. Tel 01284 701131
Member since: 10th July 2012
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