Abacus’ specialist buy to let solicitors can help you if you are investing in property as a source of income.
Your buy to let property
You can count on Abacus to deal with all aspects of your buy to let conveyancing, we act for large numbers of investor clients on their buy to let investments.
Our buy to let legal services
If you are acquiring a new property which you intend to let out then we can deal with that for you from start to finish. We will ensure that you get the correct legal title and that your mortgage lender has provided you with the right product.
If you are considering letting out your existing property, there are certain factors to consider, factors we can help with, including:
- Does the lease allow you to rent the property out? Not all do. Permission may be required from the freeholder or Management Company.
- You may need to obtain permission from your existing mortgage lender to rent out your property. This consent must be in place prior to you entering into any Tenancy Agreement (the lender may wish to approve the type of Tenancy Agreement).
- You will need a written Tenancy Agreement. Assured Shorthold Tenancies are the most commonly used and most lenders will insist on Assured Shorthold Tenancy Agreements being in place.
- Your lender may also inform you that certain people may not be allowed to rent the property from you, for example, close family members.
In both cases, there may be tax implications, such as:
- Income tax on the rent
- Stamp Duty when you buy your property
- Capital Gains Tax when you sell