Purchasing a Buy to Let Property
For many first-time investors purchasing a buy to let property can be a daunting prospect. However, with the expert guidance of My Property Hub it needn't be. Just take the following ten steps:
- Begin by establishing exactly how much you have to invest. My Property Hub has a wealth of experience in developing financial strategies and will be only to happy to help.
- Draw up a list of additional expenses, including: solicitor's charges, mortgage arrangement fees, survey costs and stamp duty.
- Appoint a solicitor. If you don't already have one, ask family and friends if they can recommend someone.
- Spend time researching the market. Talk to local lettings agents to find out what types of property are popular and where are the best areas to invest.
- Once you've found a property that ticks all the right boxes, check the financing arrangements with My Property Hub and make an offer.
- As soon as your offer is accepted, inform your solicitor of the agreed terms of the sale. It's now in your interest to get things moving as quickly as possible. Unfortunately gazumping is still relatively commonplace and the vendor is only legally bound to sell you the property once you have exchanged contracts.
- My Property Hub will search for the right mortgage for your individual needs and work out the best ways maximise returns and minimise risk. Because we want to foster long-term relationships with all of our customers we make a point of arranging mortgages that can be increased to reflect any growth in the value of your property; thus laying the foundations for you to build a portfolio of properties.
- Keep in regular contact with the vendor's agent. Phone every few days to find out how the sale is proceeding and to tell them what's happening at your end. If you feel they are dragging their heels, consider getting in touch with the vendor directly.
- Keep in regular contact with your solicitor. A good solicitor will keep you constantly up-to-date with progress, but they may not have the time to continually chase third parties. My Property Hub will speed the process up by chasing surveyors, accountants and referees; and reporting back to you every three days.
- Once you've exchanged contracts we will share our tips on preparing your property for letting and keep you informed on developments in the marketplace with regular articles and newsletters packed with practical tips and advice.