Tips for Budding Landlords.
We have prepared the following list of "pointers" that will hopefully be useful to aspiring and existing Buy to Let landlords.
1. |
Choose the right property, making sure its in a suitable location and will command a rental income to adequately cover your costs. |
2. |
Choose the right financing product. There are a wide range of Buy to Let schemes available and you should ensure that your Buy to Let product is at the lowest interest rate commensurate with your financial credit standing. |
3. |
Consider the hidden costs - you will need to maintain the property to a high standard. |
4. |
Set aside funds for the unexpected (e.g. replacement boiler). |
5. |
Choose a letting agency, ensuring that the agency is a member of ARLA (Association of Residential Letting Agencies). The letting agent will take care of finding a tenant, collecting references & rent, and arranging for repairs and maintenance.
You can do this yourself, but if the property is not near to where you live, this could become rather difficult and time consuming. |
6. |
Put the right tenancy agreement in place (lenders usually insist on an assured shorthand tenancy agreement). Always have a signed tenancy agreement in place before your tenant occupies the property. |
7. |
Always take up tenant references. |
8. |
Ensure that you have the right insurance's in place. It is your responsibility to insure the structure of the property. |
9. |
Consider the tax implications of being a landlord. You will need to do a set of accounts and make the appropriate tax declarations. |
10. |
Prepare a detailed a inventory of the contents of the property and make sure this is signed by the tenant prior to the tenant moving in. |
11. |
Always ensure you obtain a deposit (bond) as this will protect you against any damage caused by the tenants or default on the rental payments. |
12. |
Ensure that the gas appliances in the property are checked annually by a CORGI registered plumber and that you are provided with a Landlord's Gas Safety Certificate. |
To commence your application either call us on freephone 0800-5285227 or
alternatively submit your enquiry using our enquiry form, providing as much information as possible about your transaction.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Site Terms of Business & Data Protection Statement
Funding Solutions is a trading name of T & A Labuschagne Partnership
and has its registered office at PO Box 418, 14A Bar Street,
Scarborough , North Yorkshire, YO11 9AW.
T & A Labuschagne Partnership is authorised and regulated
by the Financial Services Authority (FSA, registration number
302248). The FSA does not regulate personal loans or non-regulated
mortgage contracts. Some Buy to Let mortgages are regulated
by the Consumer Credit Act (CCA).
Calls to Funding Solutions may be recorded for training and
monitoring purposes. Loans subject to status, type and value
of property. Insurance may be required. Minimum age 18. This
site is only directed at persons within the United Kingdom.
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