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Buy to let

Here at Winston Solicitors, we can act for you if you decide to buy property for investment purposes.

How to plan your buy to let purchase

You will need to plan your buy to let purchase carefully. This will involve:

Ask friends or colleagues to recommend a mortgage broker or financial advisor or contact your bank or building society directly. They should be able to discuss the affordable options with you and help you choose the best mortgage to suit you. 

You will be liable to pay Stamp Duty Land Tax at the higher rate if you will own more than one property on completion. Your conveyancer will complete the Land Transaction Return (Stamp Duty Land Tax Form) for you to sign, based on the information that you provide. If you think that you do not need to pay the higher rate, you should obtain specialist tax advice from an accountant or financial advisor.
You should also ask your accountant or financial advisor to provide income tax advice and capital gains tax advice. 

Think carefully before choosing a property to invest in. Would you prefer a newer property or an older property? An older property might give you the opportunity to add more value. 
If the property is let, or is going to be let, to more than three people who are not from the same family, it will be a House in Multiple Occupation (HMO). You will need to comply with all the rules and regulations relating to HMOs. Some lenders will not lend on HMOs.

Your lender will impose additional “Buy to Let” conditions, which will include conditions relating to the type of tenancy agreement and the nature of the tenant. For example, some lenders will not lend on HMOs (see above) or on student lets, and many lenders will require short term assured shorthold tenancy agreements. You should check your lender’s requirements with your mortgage broker/financial advisor or your lender.

Ask friends or colleagues to recommend a surveyor. Your surveyor will be able to carry out a survey and tell you how much rent the property is likely to yield.

  • Any existing tenancy agreement must comply with the lender’s requirements. Any deposit paid by the tenant must be registered with an approved deposit protection scheme.
  • Up to date gas certificates and electrical certificates must be supplied.
  • All other relevant rules and regulations must be complied with.
  • Your conveyancer will raise appropriate tenancy enquiries and will discuss the replies with you. 

You will need to budget for all the costs and fees relating to your investment purchase, including your survey fees, mortgage broker’s fees (if any), buy to let property insurance, legal fees and stamp duty land tax. 

Speak to family, friends and colleagues, to see if they can recommend a good conveyancer. You need to have confidence in your conveyancer. A good conveyancer will ensure that the process is as smooth as possible but will also raise all necessary enquiries. The process will involve form filling, document signing, telephone calls and emails.

You will be speaking to your conveyancer a lot during the process. Your conveyancer will be able to reassure you and address any concerns that you have.

When you are purchasing a property it is advisable to make or update your will to ensure any assets in your estate are distributed as you choose.

Ask for a free conveyancing quote by calling our conveyancing team on 0113 320 5000.

Client feedback

Winston Solicitors provided a conveyancing service to me. I found them very friendly and couteous, and their service was always professional and efficient. I was kept informed throughout, and any queries were dealt with promptly. I would not hesitate to recommend them to others.
Michael
I recommend Winston’s: professional, always kept me informed of progress, provided me with a very efficient and personal service.
Annie
Review for Samanthan Robertson-Strong:Samantha (and Winstons Solicitors) were amazing! As first-time buyers we couldn't have asked for someone better to guide/advise/drive the process of helping buying our home. Samantha was always available to answer queries (both ours and the sellers) and did so effectively and efficiently. We had heard horror stories from friends and family regarding other solicitors times for response, quality of work, friendliness etc.. However, we found none of that with Winstons and moreso Samantha; they were fantastic from start to finish and made us feel as though no query was too menial. We also found the Online Portal tracker incredibly useful, as this allowed my partner and I to undertstand the process in more detail and prepare for what documents were required and when these would be due.
Mr Hunt
Great service. 100% use them again for house sale
Simon
Excellent service from start to finish in selling my property.Would highly recommend Winston Solicitors.
Carol
Sidraa is always professional, understanding, always keeps you updated and has helped me soo much through a difficult property sale. I wouldn’t hesitate in using Sidraa at Winston’s in the future.
Dawn
After Leasa did such a great job on the sale of my last property, when buying again I didn't hesitate to use Winston Solicitors. I had the same experience as before - timely communication and updates, professional service and overall we are very satisfied.
Rosie
Winston solicitors provided an exceptionally professional and thorough service. My conveyance manager, Leasa, guided me throughout the entire process with a friendly and considerate approach. I am exceptionally grateful for her patience and kindness.
Evan