So you’re thinking about purchasing a buy-to-let property? The first in our series of buy-to-let blogs centres around ‘who’ you’ll need to enlist on your journey to becoming a landlord.
Estate Agent
One of the most important, and most involved, to assist with buying a property is an estate agent. But don’t make use of just any agent; prioritise local knowledge to make sure that they understand the area, as well as both the current and historic market conditions there. At Orchards, we’ve been established in Bedfordshire for nearly 20 years, with our two Directors benefitting from 35 years of experience in the industry, and having lived locally for even more. Adam, our Company Director, is perfectly placed to advise on aspects including achievable yields, legal requirements, and the management of your rental. Julian, our Founder & Director, is a portfolio landlord himself, and an expert in identifying further opportunities due to his extensive history in property development.
We can register you with our Sales team to be notified of new listings as soon as they become available (or perhaps even before), and everything can be swiftly prepared by our Lettings team during the transaction, ready for when the sale completes.
Mortgage Advisor
Often, a mortgage advisor comes into play relatively close to securing a residential mortgage, as agreements in principle are usually valid for six months prior to completion. A seasoned landlord may have more regular and longer-term contact with theirs. Those new to letting out a property will likely also be new to the variety of buy-to-let mortgage options. A mortgage advisor will explain which products are best-suited to landlords, depending on factors such as loan to value.
Accountant
Apart from mortgage deposit and repayment options, there will be initial, and ongoing costs concerned with being a landlord. Instructing a trusted accountant is a prudent step in ensuring that you structure both the purchase, and ongoing management of the property wisely. Your sizeable asset is liable to taxes, e.g., Capital Gains, and an accountant will be fully up to date on these.
For service provider recommendations, or how we can help with your buy-to-let journey, contact us on 01525 40 22 66 or email ampthill@orchards.co.uk.
