Buy-to-Let Purchases

Conveyancing Process for Buy-to-Let Purchases:

Initial Instruction:

The process begins when your offer on a buy-to-let property is accepted. We will request the contract pack from the seller’s solicitor. This pack includes the contract of sale, fixtures and fittings list, and title documents from the Land Registry.

Reviewing the Contract Pack:

We review the contract pack to ensure all details are correct and raise any necessary queries with the seller’s solicitor. This step includes verifying the title and any existing issues that could affect the property’s value or rental potential.

Drafting Contracts & Mortgage:

Next, we draft and review the contract with meticulous attention to detail. This involves negotiating terms with the seller’s solicitor to protect your interests and ensure the contract is favorable.

Concurrently, we liaise with your mortgage lender to secure the necessary funds for the purchase, reviewing the mortgage offer to explain its terms and conditions clearly.

Property Searches:

Comprehensive property searches are conducted, including local authority, drainage, and environmental searches. These searches help uncover any potential issues such as planning permissions, building regulations compliance, or environmental concerns that could affect the property.

Mortgage:

We ensure you have the correct buy-to-let mortgage. This involves reviewing your mortgage offer, confirming it meets all legal requirements, and addressing any concerns. The lender will also arrange a valuation to ensure the property is a suitable security for the loan.

Exchange of Contracts:

The exchange of contracts is a pivotal moment in the conveyancing process. Once both parties are satisfied with the contract terms, we arrange for the exchange of contracts, at which point the transaction becomes legally binding, and a completion date is set. This step ensures that both you and the seller are committed to completing the transaction.

Completion:

On the completion date, we transfer the agreed funds to the seller’s solicitor. This finalises the purchase, and we ensure the property is registered in your name with the Land Registry.

Upon completion, the seller will hand over the keys (depending on the arrangement), officially making you the new owner of the property.

After completion, we submit the Stamp Duty Land Tax form and register the property with the Land Registry. We provide you with a copy of the completed title once received​.

Leasehold Transactions:

Leasehold purchases involve additional complexities compared to freehold transactions. The process includes reviewing the lease terms, liaising with the freeholder or managing agent, and ensuring compliance with lease obligations.

The lease review is a crucial part of the process, where we thoroughly examine the lease to understand its terms, restrictions, and obligations. We also check the history and future liabilities of service charges and ground rent, ensuring you are fully aware of any ongoing costs. The length of the lease is another critical factor; we ensure it has a sufficient term left and advise on lease extensions if necessary.

Obtaining and reviewing management information is essential to identify any potential issues related to the management of the property. This includes details about maintenance, insurance, and any planned works that could impact you as the leaseholder.

Having a solicitor is crucial in leasehold transactions to navigate these additional steps and complexities, ensuring a smooth and legally compliant purchase.