The buying and selling of property is an involved process and one that requires people who specialise legally in the area of residential property services. Not only must solicitors use a proactive approach, but they must also have the technical knowledge and attention to detail to expect or pre-empt any potential issue from surfacing. You want to work with legal professionals whose goal is to effect a streamlined and timely completion of your real estate transaction.
Not only that, you need to work with a firm that has already gained in-depth knowledge of the property markets in London and the surrounding areas. You need to work with experts whose focus is placed on helping you achieve your property goals and dreams. Any lawyer that specialises in this field should maintain constant communication during the real estate process so that the client knows what is happening and why.
Covered Property Services
Services covered include –
- Purchases and sales of leasehold and freehold properties
- The grant of new leases
- Right-to-buy purchases
- Property investment
- Buy-to-let mortgages
- Plot sales
- New home sales
- Shared ownership
- Buy and disposal of land
- Refinancing of properties
- Declarations of trust
- Compulsory land purchase
- Equity transfers
- Leasehold enfranchisement
Buy-to-let mortgages, for example, need to be handled by conveyancing solicitors in London as the income investment is an attractive draw, especially when it is compared to swings in the stock market and low savings account rates. Whilst the property market is bouncing back, more investors are snapping up buy-to-let properties in hopes of prospering. Currently, record lows in interest rates are triggering buy-to-let investors to continue to make deals, which require legal review and assistance.
However, be cautious of the lower rates. One day they will rise and you will need to make sure your investment can stand the test. Also, a tax rise is coming as the interest relief afforded by a buy-to-let mortgage is eliminated and supplanted with a twenty percent tax credit. Not only that, as of April 2016, landlords must remit an additional three percent stamp duty on purchases of property.
Yet, despite the changes in the tax law and the increased potential for rising mortgage, a greater demand from tenants means many property investors are still being tempted by buy-to-let.
Some Final Thoughts
One of the areas that causes investors to consult with solicitors is the slashing of rates by lenders. Lenders have reduced rates on buy-to-let mortgages in an effort to keep the market alive. According to Moneyfacts, the average rate is around 4 percent.
If you are new to buy-to-let, find out all you need to know about the current market and assess the risks as well as the advantages. Make sure your buy-to-let investment is something you really want as your money may be able to perform better in another holding. You want to consult with a solicitor as well, as investing in buy-to-let also means tying up your capital in a property that could fall in value later.