First buy to let offer accepted- what’s next?

by Readers Question

3 years ago

First buy to let offer accepted- what’s next?

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First buy to let offer accepted- what’s next?

Finally I have managed to secure a property as my first buy to let. I had posted previous discussions which have helped me in making an informed decision. As I have now my offer accepted, I have to send my solicitor details and start with all the formalities. But before I could dive in this process, I have couple of queries.

1) I bought a property for 310K, and putting down deposit of 124K (40%), any tentative figure you can advise that will be added to this deposit. Do you think 10k will be enough to put aside including stamp duty.

2) I am going for second viewing tomorrow so I am wondering what things I should check for in property to make sure they are fit for prospective tenants per legal obligations. Currently owners are living in there, so when I first viewed the property it looked Ok on kitchen and bathroom. Boiler seems to be old, so might need replacing but If the owner is living in that house it will be working and should be good for tenants ? or if there are any legal obligations to have new heating system in place. Anything other than heating you think I should check.

3) Any idea on how much a solicitor fees will be ? and do I need to find solicitors which are expert in BTL ?

Many thanks

Kapsoffer



Comments

Neil Patterson

3 years ago

Hi Kaps,

Congratulations on your first purchase 🙂

1) That is a large deposit. Are you considering further purchases and will you have enough cash reserves for them? Have you considered rainy day emergency funds such as rental voids and repairs?

2) There are many more things to do but you will need a Gas safety certificate, Electrical safety checks, smoke alarms etc etc.

3) We have our own BTL conveyancing team (under the legal tab) who provide a very competitive and complete package geared to BTL purchasers please see >> http://buytoletconveyancing.co.uk/contact-us/

kaps z

3 years ago

sure, let me reach out to them.


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