At Charles Derby Consultancy we understand that the Buy-to-Let industry can be scary for First Time Landlords so we have put together our step by step guide to Buy-to-Let.
1. Look at how much you can afford to invest (take into consideration costs involved, solicitors, stamp duty, valuation fees, broker/lender fees).
2. Decide on the type of property which you want to purchase (i.e. detached, semi-detached, terraced, townhouse, bungalow, purpose built flat, converted flat, new build).
3. Decide on the type of tenants you would like to rent to (i.e. students, professionals , families) (remember when looking for student tenants, look in the university area/professional tenants, look at bus routes or close to city centres/families close to schools, day centres, parks etc. We can advise on all of these factors).
4. Speak to our mortgage advisers, we will be able to tell you whether what you are looking at is achievable? Is the property in the right area for the type of tenants you are looking for? What rental return will you be hoping to achieve (rental yield) is this a good rental yield? We can explain this to you and the reason why this is so important. Is there a high demand for this type of property? How best to look at the property in terms of long term growth.
5. Our advisers have many years experience in this field. They have been in the Buy-to-Let market as successful brokers and dealt with hundreds of landlords over the years who have built up good quality portfolios.
6. We will make the process extremely simple, we will cut out all the jargon and we will be there every step of the way through to mortgage offer. We pride ourselves on our service standards and all our clients are kept informed of the process on a regular basis, either via, email, text or phone (whichever the client prefers, or all means of contact if required) *Please see our Client Reviews*
7. We have close working relationships with Solicitors and will liaise with the Solicitors on your behalf to find out the situation and keep everyone updated where you are at in the legal process.
8. We will liaise with your Estate Agent or selling partner, to ensure that they are kept up to date and that you keep the relationship going with them to reduce the likelihood of you losing the property.
9. Once the mortgage is close to completing we can give you good advice on finding a tenant and what to look for when renting out the property.
10. When the contracts have exchanged this means you have a legal obligation to purchase the property and the vendor has a legal obligation to sell the property to you, at this point your Life Cover and Buildings & Contents will need to be put in force. Charles Derby Consultancy can source some competitive deals.
11. Once you have completed on the Mortgage you are now the legal owner of the property and you can now arrange for a tenant to move into the property. We can guide you on this process.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Buy to let mortgages are not regulated by the Financial Authority Conduct.
General advice on the Buy to Let industry is not part of the Intrinsic offering and is offered in our own right. Intrinsic accept no responsibility for this aspect of our business and this service is not regulated by the Financial Services Authority.
At Charles Derby Consultancy we cut out all the Jargon! Check out our ‘Jargon Buster’