DO Seek the advice of a letting agent who understands the local market. DO Budget for every eventuality. Make sure that the gross rent will cover all your costs and borrowings. Also, be aware that void periods when the dwelling is empty Read more…

Although the tenant is responsible for the interior costs of the house such as the utility accounts, the Council Tax and the TV licence, if you have a vacant period you will incur those costs. Furthermore, you should bear in Read more…

It is possible to get insurance cover that protects landlords in the event of a tenant defaulting on their rent. This insurance should also cover any additional legal costs beyond the normal buildings and contents insurance.

Following your acquisition, your letting agent will find and introduce tenants, as well as screening their references to make sure they are suitable. The letting agent will also provide the necessary tenancy agreements and advise you on an inventory of Read more…

In theory, it is possible to buy a property to let without a letting agent; you are not legally obligated to have an agent. However, agents will deal with the tenancy agreement, the tenants’ references and any day-to-day administrative problems Read more…

Should you come to sell your buy to let property, you may be liable to pay Capital Gains Tax (CGT.) However, you are not charged CGT on the £8,500 of annual profit. Furthermore, if you are married and the property Read more…

When it comes to letting a property, it is classed as a business asset and you are required to pay tax on the income. Brokers generally advise borrowers looking to buy to let to take out interest-only loans as opposed Read more…

Potential problems with tenants are manifold. Some will refuse to pay rent, and others will refuse to move out at the end of their tenancy. For this reason, ensuring that you have a legally binding contract in the form of Read more…

When making any kind of investment, it is always a good idea to consider the worst-case scenario. When it comes to a buy-to-let property, a bad situation would occur if it proved impossible to find a tenant for an indeterminate Read more…

This is a good reason why a local letting agent can be extremely useful. It is essential to fix rates realistically: in line with other properties in the area of a similar type and value. One factor is always worth Read more…