Investing in a property, whether to expand your business, for a buy-to-let purpose or another reason, can be intricate, with many legalities involved. Pursuing support from a specialist solicitor can ensure you are in full compliance with all relevant legislation, mitigating any potential costly and time-consuming risks.
Many people are choosing to invest in property to generate a rewarding income. Buy-to-let is often a popular choice, being a lucrative investment that allows individuals to receive a regular and steady income, but before jumping at the opportunity of an investment property, it’s crucial to seek expert legal advice.
You don’t have to face investment property alone. Pursuing legal advice and expertise can make the process smooth and stress-free, providing you with more money, time, and energy to put into growing your investment.
At Glanvilles, our investment property team have assisted many individuals looking to use property for investment purposes. We will provide proactive advice and guidance to steer you in the right direction for success.
We’ve worked alongside an array of clients, from both big and small investment transactions, including those with a significant property portfolio. Whether you’re a landlord, developer, seller or buyer and no matter your enquiry, our team have the expertise and experience to assist.
Our commercial investment property solicitors can lend their expertise on matters including:
Our team will take the time to sit with you and clearly talk through your situation so we can provide tailored advice and support to suit your every need.
Get in touch with our investment property solicitors in Chichester, Fareham and Havant
Contact our highly experienced investment property solicitors in Chichester, Fareham or Havant or fill in our simple online enquiry form for a quick response.
UK Investment property advice FAQs
What is the buy-to-let conveyancing process?
If it’s your first time investing in property by purchasing a buy-to-let property, the process may seem confusing, but it is very similar to residential conveyancing.
The buy-to-let process is set out in the following steps:
- Offer is submitted, and once accepted, the buyer can begin to instruct a conveyancing solicitor
- The conveyancing solicitor will communicate with the seller’s solicitor, including obtaining the contract pack
- The conveyancing solicitor will begin the process by checking the contracts, raising any necessary enquiries concerning the property and carrying out the necessary local searches on the property
- Find out important information concerning the property, such as renting restrictions, any tax implications and environmental and planning laws that need to be followed
- Obtain a buy-to-let mortgage from a lender
- Exchange and sign contracts – once this is done, the transaction is officially legally binding, and either party will incur financial repercussions if they back out
- On completion day, the transaction will be made official, and the buyer will own the property
- Stamp Duty Land Tax will need to be paid to HMRC. With buy-to-let property, there may be additional Stamp Duty Land Tax due, but the conveyancing solicitor will assist with the calculation and filing the tax return with HMRC
- Finally, the conveyancing solicitor will register the property into the buyer’s name with HM Land Registry
What should be considered when purchasing an investment property?
If you are looking into investment property, you need to be certain about the property that you are choosing, such as the condition of the building and other factors, including:
- Rental income – if you are looking at purchasing a property for buy-to-let purposes, you need to consider the realistic amount you can charge to rent out the property, whether it’s residential or commercial letting. If you have a mortgage, you need to ensure the rent covers that cost and the other outgoings whilst still making you a profit
- Location – location is an essential factor to consider. If you choose a location that isn’t popular to live in or doesn’t have many businesses, it might not generate the profit that you expected. You need to consider aspects such as distance to the town or city centre and public transport links
- Freehold versus leasehold properties – you will need to decide whether you want to purchase a freehold or leasehold property. Leasehold properties can prohibit you from doing certain things, such as renting out, making improvements, etc. If you are looking to purchase a building for investment use, it might make more sense to ensure the freehold is included in the purchase
- Building age – the older a building is, the more likely it is to have potential problems which could be costly to resolve
- Maintenance – Before you rent out the property, you need to ensure that there are no potential problems with it that might cost a lot down the line or leave you liable
- Property energy – the law requires landlords to have an Energy Performance Certificate rating of at least an E. Without this, they are unable to provide tenancies
- Resale value – resale value is a big part of an investment. You want to purchase a building that not only brings you profit while owning it but also when you sell the property too
What are the legal requirements in the UK for a buy-to-let property?
Where you want to rent a property out either to residential or commercial tenants there are certain requirements that you must comply with prior to letting, but also throughout the leasing period. These legal requirements include:
- A gas safety certificate – there must be an annual inspection of any gas appliances, carried out by a registered gas engineer
- An electrical safety certificate – a qualified electrician must carry out an electrical test on the property to ensure the electrical supply and all electrical appliances are legal. This must be done prior to leasing the property
- An energy performance certificate – before a property can be sold or leased, it must have an up-to-date energy performance certificate that takes a look at aspects including insulation, heating and hot water systems, ventilation and fuels used in the property.
- Landlord’s insurance and building insurance – most buy-to-let mortgages will require you to have landlord’s insurance due to the value of the property
- A House in Multiple Occupation licence – where the property is due to be rented from more than three individuals from separate households this licence is required
Why choose Glanvilles’ investment property solicitors?
When you work with our investment property solicitors at Glanvilles, we always aim to offer our services on a fixed fee basis, providing complete certainty over the costs you can expect to pay.
We are proud to be recognised for our excellent client care and the overall management of our practice by the Law Society’s Lexcel accreditation. We are also regulated by the Solicitors Regulation Authority (SRA), this provides reassurance that we continue to maintain the highest professional standards.
The Glanvilles’ client service promise
When you use our investment property service, we promise:
- Our staff will always be friendly, respectful, and attentive
- Your worries will be listened to, any queries answered, and the appropriate options explained in clear, plain English
- From the outset, we will make clear the costs you will be expected to pay
- We will always be available to talk via email, telephone and in-person
- We will keep you regularly up to date about any developments in your case
Get in touch with our expert domicile and residence solicitors in Chichester, Fareham and Havant
Contact our highly experienced investment property solicitors in Chichester, Fareham or Havant or fill in our simple online enquiry form for a quick response.
