Tue 03 Mar 2015
Business News: Healys LLP on Buy-To-Let
Like most people, you may have thought about investing in a buy-to-let property but for one reason or another talked yourself out of it. You may be sitting on a small pot of gold as the equity in your home rises and mortgage interest rates decrease. You may also be due to benefit from the new rules on pensions. Therefore, now may be the right time for you to consider taking that first step towards the buy-to-let market and giving yourself a good financial head start by investing in something that actually earns you income.
Whether you are a professional investor or a new first-time landlord, Brighton appears to offer a lot of choice. This is not at all surprising given its unique and special appeal as a vibrant and diverse city on the coast, with good transport links into the capital. Many of my clients are not interested in upgrading their own homes but are instead choosing to buy an investment property which will give them an income, the possibility of which is increased in an area such as Brighton.
The legal process is different to the standard purchase of a property in which you intend to reside. Most first-time landlords will need to be guided through the process and most professional landlords may require a refresher in respect of the legal requirements surrounding buy-to-let properties. For example, you will need to ensure you are complying with health and safety laws, which include ensuring that you have an annual inspection of the gas supply and any gas appliances. An electrical inspection is also required.
You will also need to consider the rules introduced by the Government in relation to tenancy deposits and how they must be protected. As a landlord you will need to arrange for a tenant’s deposit to be protected and, within 14 days, give the tenant details of how their money is being protected. It is important that you have the correct advice and guidance to ensure you avoid the pitfalls.
Of course, like any investment, there are no guarantees with buy-to-let properties. However now is most definitely a good time if you wish to invest in this market, whether you are a novice or a professional, as many are looking for better returns on their savings.
The property team at Healys has a wealth of experience in dealing with such transactions and they understand the importance of getting your investment to generate a return as soon as possible. Therefore, if you wish to be expertly guided through a buy-to-let purchase then please feel free to contact us for a chat.
Nazish Ahmed of Healys LLP, Head of Residential Brighton
Please contact me, Nazish Ahmad, for further information and advice at email@example.com or by calling 01273 669110