Buy to Let Conveyancing Fees
Are you investing or thinking of investing in a buy to let property in the UK? If so, it pays to get the best advice. If you need expert buy to let legal advice from a qualified license conveyancer or property solicitor and you're searching for a buy to let conveyancing quote, you’ve come to the right place!
Within 3 simple steps, you can compare buy to let conveyancing fees from solicitors and licensed conveyancers all over the UK. All of the buy to let investment property solicitors are fully regulated by the SRA and all of our licensed conveyancing panel are regulated by the CLC governing body. You can be sure that you have an expert buy to let investment property lawyer working for you.
Compare Solicitors Costs for Buy to Let Conveyancing
Our conveyancing quotes system, provides a platform that allows you to quickly and efficiently compare prices from various legal professionals that can help you purchase and build your property investment portfolio. You can take away our free online quotes to help you budget for your potential property investment. After all, the more information and pricing you have upfront, the more accurate your budget and potential return on investment calculations will be.
A Guide to Buy to Let Conveyancing
Buying a house or flat with a view to renting it out is a completely different proposition to buying a property, which you plan to call home. When you purchase a buy to let property, you must go through a conveyancing process, which facilitates the transfer of ownership from the vendor to you. Buying a property to let can be an incredibly lucrative investment, but it’s essential to choose the right property and to focus on long-term goals.
If you’re thinking about taking the plunge and starting your property search, there are many factors to consider. Follow this step by step guide to maximise your chances of a successful acquisition.
Research, Research, Research
You can never do too much research when it comes to buying a property you plan to rent out. Always remember that buying to let is very different to buying a home to live in. If you are to assume the position of a landlord or landlady, there are responsibilities and legalities involved. You should be aware of what being a landlord means before you make any final decisions. If you rent out a property, you’ll need to bear these requirements in mind:
- The responsibility of maintaining the property and keeping it in good condition
- Carrying out annual safety checks
- Safeguarding your tenant's deposit in line with legislation
- Recovering arrears or responding to incidents involving your tenants
Even if you are already a homeowner, it's essential that you understand the process of acquiring a property to let is different. There may be additional fees involved, and the fact that you’re buying to let may also affect your mortgage applications. If you’re liaising with mortgage providers, you must make them aware that you plan to rent out the property and prove your eligibility for a buy to let mortgage.
Seeking Advice from Experts
At this stage of proceedings, it’s wise to seek expert help from buy to let conveyancing solicitors to guide you through the process. Legal jargon can be hard to decipher, and you may not be familiar with the processes involved in procuring a buy to let property, even if you already own your own home. An expert can help to simplify and speed up the process and eliminate additional stress. The conveyancing process is different to that of a house you plan to use for your own residential purposes, and it pays to have an experienced buy to let conveyancing solicitor in your corner.
It’s also advisable to contact an accountant or a financial advisor with experience in investing in the buy to let market. This will help you gain an insight into the taxes and fees involved.
Your Buy to Let Property Search
To make money from investing in property, it’s essential to find the right house or apartment. Looking for a house to let is very different to searching for your dream home. Remember that this is not a property in which you’re going to live, and adjust your search criteria accordingly. The main aim of this investment is to generate an income. The most important considerations to bear in mind during your property search include:
- Your target market: what kind of tenants do you want to attract?
- The location: where will this tenant want to live and how can you make sure you cater for their needs? If you’re targeting the family market, for example, proximity to good schools is advantageous.
- Your role as the landlord or landlady: how do you plan to manage the property?
- The budget: how much do you want to spend? Your budget should include the purchase price, buy to let conveyancing fees and any other taxes or fees that apply, including higher rates of SDLT, LTT or LBTT. It’s important to have an accurate idea of how much the fees will cost before you start your search.
If you haven’t bought a buy to let property before, it’s hugely beneficial to get some buy to let conveyancing quotes and compare prices.
Negotiating the Sale
When you’re buying to let, profit is the most important factor in the search. A house or flat is only worth what you’re willing to pay for it, so don’t be afraid to haggle on the price and try and negotiate a better deal. The more you can save on the purchase price, the higher the chance of generating a profit when you come to sell. If you’ve agreed a price, it’s time to exchange details and start the legal process of transferring ownership from the vendor. Bear in mind that you can change your mind (and so can the vendor) at any point before the contracts are signed, sealed and delivered.
Before you sign on the dotted line, it’s always wise to undertake a homebuyer survey with a chartered surveyor. This way you know the faults of the property and any potential work that may need to be carried out to the property to bring it up to standards for letting and renting out to tenants. It can also help to renegotiate the agreed sale price if the survey has shown up considerable work or unknown issues at the point of offer. This is where the term "subject to survey" comes into play.
Completing the Process and Starting life as a Landlord or Landlady
When you’re ready to exchange contracts, your legal team will look through the documentation with you and highlight any issues. It’s essential to raise any queries at this stage, as you can’t back out of the deal once you’ve exchanged contracts. Once you have exchanged, the work doesn’t stop here. You may have additional considerations to bear in mind, for example, what to do if there are already tenants in the property. When you have officially become the owner of the property, it’s your duty to ensure that you assume the responsibilities and roles required by the law. You will need to arrange gas safety checks, for example, and ensure there is a concrete agreement in place between you and your tenants (a tenancy agreement).
Are you looking to invest in a buy to let property? If you need information or advice about buying to let, we can connect you with highly-skilled buy to let conveyancing solicitors in your local area and provide you with quick, hassle-free buy to let conveyancing quotes. Get in touch today to find out more!
What is Conveyancing?
Conveyancing refers to the administrative and legal work that is done when buying and/or selling a property. This work may include:
Preparation of documents
Writing and exchanging contracts
Investigation of the property’s title
Stamp duty payment
Land Registry work
Conveyancing can be a complicated and stressful task which is why we always recommend having a specialist solicitor or conveyancer looking after your interests.
How much should a conveyancer cost?
The cost of conveyancing can vary depending on many factors including the solicitor you choose to instruct, the area in which you live and the complexity of your specific case. When paying for conveyancing costs you will be charged for:
The conveyancers fees
Costs for any searches done
Land registry fees
Free holder fees.
There may also be other costs involved if your process is particularly complex. You should also consider whether you are eligible to pay Stamp Duty.
How Long Does Conveyancing Take?
Again, this varies on a case by case basis. The average time for a conveyancing process is between 6 and 12 weeks depending on the speed of searches and mortgage offers. It can also be dependent on other parties involved in the chain and any other factors that may be complicating the process.