If you’re planning on becoming a landlord or plan on adding properties to your existing buy-to-let portfolio, then you’ll need an experienced buy-to-let conveyancer.
Conveyancing is the legal process of land/property ownership. To legally own a property, you must go through this process. Conveyancing can be complex, confusing and just damn frustrating for landlords. That’s why it’s important to find the right solicitor or conveyancer to assist you through this process.
Buy-to-let Conveyancing Process
Buy-to-let Conveyancing is very similar to residential conveyancing, so if you already own a property, you’ll know what to expect.
Choosing an experienced Buy-to-Let Conveyancer/Solicitor is still very important, there are many other factors to consider when buying a property to rent out.
Your conveyancer will need to:
- Check that you have the right mortgage type (buy-to-let mortgage)
- Confirm that the property can be rented (Some properties can’t)
- Make sure you have the correct permissions to rent the property
- Support you with any legal documentation related to your Buy-to-let Purchase
- Advise you on what fixtures and fittings are included in your purchase
- Make sure the property is vacant on the completion date
When you’re buying there are four key stages to conveyancing:
Instructing a buy-to-let conveyancer – you’ll need to appoint a licensed conveyancer or property solicitor to carry out the legal work on the purchase.
Preparing to exchange – your chosen conveyancer will carry out all the relevant property checks and check the exchange contacts with the seller and their conveyancer.
Exchange – once you and the seller are happy to proceed, you’ll both sign and exchange contracts via your conveyancers. This makes the sale legally binding.
Completion – once the seller’s conveyancer confirms that they’ve received the money for the property, you’ll be able to collect the keys to your new property and start renting!
HMO stands for house in multiple occupation, it’s a type of buy-to-let property that is rented out by more than three people who are not all from the same family/household but share facilities (like the bathroom and kitchen). It’s a cheap form of accommodation, popular with students, but also very lucrative for landlords. There are more things to consider when buying a HMO, read more at our HMO Conveyancing page.