Buy To Let Conveyancing Solicitors In Derbyshire

Buy-to-let is becoming an increasingly popular proposition for investment.

We can act for property developers and investors – our team can help you with everything from initial property acquisition tenancy agreements and disputes to tax implications and refinancing your portfolio.

Successful buy-to-let relies on ensuring that your investment makes financial sense. Rather than buying a property that you personally would like to live in, you need to focus on the prospects for income and capital growth, and the costs that you will need to cover.

Thank you for your swift and professional nature in dealing with my matter.
B.H.
Get A Free Quote

If you would like to receive a bespoke quotation for your transaction, please call us on 01629 582308 or you can enter the information online.

Whether you are based in Matlock, Wirksworth or anywhere across England and Wales we will be able to help. We have over 100-year history of helping the people of Derbyshire and the surrounding areas.


Buy To Let - Things To Consider

  • Buy-to-let mortgages are different from ordinary mortgages.
  • There are three or four lenders who dominate the buy-to-let mortgage market.
  • Yields have historically reduced over the last fifteen years.
  • Think about buy-to-let elsewhere – especially areas where there is a high demand for rented accommodation. University towns, as well as all the big cities, are the obvious places.
  • Be wary about buying in a location you know very little.
  • If you do buy elsewhere find a property manager that knows the area. He can advise you upon lettability and rental levels and capital growth.
  • Self-management is not sensible unless you actually live very close to the property.
  • Remember maintenance and repair costs when calculating yield. In particular, don’t forget the landlord’s responsibility to annually maintain the gas installations.
  • Take your time. Even if you are borrowing very little of the purchase price it is still a big investment and it could take time to unwind.

Tenancy deposit protection schemes

It is now compulsory for private landlords to lodge their tenant’s deposits with a tenancy deposit protection scheme. This applies to any assured shorthold tenancy agreements signed or renewed since 6th April 2007.

Failure to register deposits with one of the authorized schemes means that the tenant can apply for a court order requiring the deposit to be lodged with a scheme, or for the landlord to notify them which scheme has been used. The court also has the power to order the landlord to pay the tenant a fine of up to three times the amount of the deposit.

To date there are three schemes authorized by the Government:

  • The only custodial deposit scheme, whereby the landlord pays the deposit into the scheme. This is run by Computershare Investor Services plc.
  • There are two insurance-based deposit schemes, whereby the landlord retains the deposit but pays an insurance premium to the scheme operators instead. These are the Dispute Service Limited, which is aimed primarily at letting agents and Tenancy Deposit Solutions Limited which is sponsored by the National Landlords Association and is aimed at Landlords.

It is compulsory for the landlord to notify the tenant within 14 days of the deposit being paid, which scheme the deposit has been lodged with.


About Lovedays

Lovedays Solicitors, Potter and Co Solicitors and Andrew Macbeth Cash and Co Solicitors are the trading names of Derbyshire Legal Services Limited (Company Registration Number 08838592) whose registered office is at Lovedays Solicitors, Crown Chambers, 6 Bank Road, Matlock, Derbyshire, DE4 3AQ.

The Directors of Derbyshire Legal Services Limited are C.D.Gale and R.LL.Roberts. Our Notary Public, M.C. Handforth is regulated by the Faculty Office of the Archbishop of Canterbury. The Company is otherwise authorised and regulated by the Solicitors Regulation Authority whose rules can be accessed at www.sra.org.uk

Contact
  • This email address is being protected from spambots. You need JavaScript enabled to view it.
  • Crown Chambers
    6 Bank Road
    Matlock
    Derbyshire
    DE4 3AQ

© Copyright 2019 Derbyshire Legal Services Limited | Website by WebWorks Design