If you are considering purchasing property with a view to using it for buy-to-let purposes, it is vital that you take expert legal advice.
The position has recently changed and it is now the case that anyone purchasing a property in addition to their main home, whether it be for buy-to-let purposes, or a holiday home, have to pay an additional 3% Stamp Duty surcharge on the value of the property.
You should also be aware that when you purchase a property to rent out you are effectively starting a small business by becoming a landlord. This obviously has tax implications for you in terms of the rental income, upon which you will need to seek legal advice.
Our specialist practitioners can guide you through your legal responsibilities, such as carrying out repairs, maintaining the safe supply of gas and electricity and ensuring fire safety regulations for premises and furnishings are met. We can also draw up tenancy agreements, deal with tenant disputes, termination of leases (including “Notices to quit”) and if required, instigate eviction procedures.
For further enquiries please contact:
Tel: 01489 785737