Real estate is one of the profitable investments you can make. With it, you can have passive income, whether long term and short term, stable cash flow, tax advantages, investment diversification and property value inflates over time. If you agree and plan to purchase a property and rent it out to others for passive income, it would be best if you hire a buy-to-let conveyancing service. They could take care of all the legalities of your property purchase on your behalf.
To understand their purpose better, here is a glimpse of how the process usually goes:
Stage 1: Start Of The Process
Your offer got accepted by the seller. This stage is when your conveyancing solicitor could start with their work. They would first contact your seller’s solicitor and request the contract pack for review.
Stage 2: Review of Contract
Your conveyancing solicitor would then analyse the contract first and spot any issues or concerns regarding it. They would let you know about the terms and conditions and other legalities it involves. You can check the contract together and raise any enquiries and conduct background research about it.
Stage 3: Knowing The Details
Your conveyancing solicitor should be able to inform you about all the possible implications of purchasing the property. That includes the restrictions you have about the buy-to-let business you plan, the concerns you need to know relating to tax, environmental impact and others.
Take this as an opportunity to ask questions. Ensure that you understand everything well and that your solicitor can ensure that you would have no issue with your property after the purchase.
Stage 4: Securing The Details
Your conveyancing solicitor can also help you get the right kind of mortgage for the business you want. Instead of a residential mortgage, they could help you seek a buy-to-let mortgage. Then, they would also draft a contract for you. This document would include all the legalities you need to have for your buy-to-let business.
Stage 5: The Signing Of Contracts
Once everything is clear for both parties and they agreed to the contracts, they can now sign and exchange them. That is the sign that they are committed to the purchase and ready to pay and turnover.
Stage 6: The Transfer
As part of the final steps, your solicitor would draft the transfer of deeds and send it to the other party for completion. Then, other remaining pre-completion searches would be made at this stage, including acquiring money from your mortgage lender.
Stage 7: The Completion
Once the seller vacates the property, your party can now send the payment and officially move into your new property.
Stage 8: The Registration
Once everything is in order, your solicitor would then send stamp duty to the HM Revenue and Customs and ask you to pay for the additional stamp duty rate. As a final step, they can also take care of your property’s registration to the Land Registry.
Conclusion
Hiring a skilled and professional conveyancer takes out a huge burden off your shoulder as you go through your buy-to-let journey. They help you get through all the legalities that you need to undergo as a property buyer in the UK and ensures that every step is complete and would not cause you any legal issues in the future. With the right conveyancer doing the job for you, your transfer of ownership would be smooth and hassle-free. Should you need help in paperwork and other legal matters regarding renting out your property, they can help too.
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