With house prices in London the highest in the UK, it can be hard for buyers to afford a mortgage for a home in the city. This can be a great opportunity for first-time landlords to buy property in London to rent out.
Landlords should choose a location that is attractive within a borough, with good local culture and public transport links.
Camden Town is an excellent example; it has abundant nightlife, which is attractive to young tenants and students, is well-connected on the Underground and bus, and is already a popular area, making it easy to market to prospective tenants.
If you are considering becoming a first-time landlord then you need to know about the world of conveyancing.
Conveyancers help landlords in a variety of ways and can play a big role in making sure that a property is ready to be let out. If you are a landlord you can ask a conveyancing solicitor to draw you up a tenancy agreement to protect you and to advise on any new developments about letting out your home to help you to stay within the law.
Keep up with changes
The laws around renting out property change all the time so it can be all too easy to remain unaware of any changes that are made. This means that you can easily find yourself breaking the law, even if you do not realise. A conveyancing solicitor can stop this from happening.
They can also draw up an inventory as well as a schedule of conditions before tenants enter the property to ensure that you have some comeback if anything is damaged or goes missing during the tenancy.
You can talk to them to make sure that the rental agreement contains any special clauses you want to be drawn into it.
Get the best conveyancer
The first time you encounter a conveyancer is usually when you buy a home. It’s a conveyancer’s job to oversee the deal, particularly the final transferring of a property from one homeowner to another.
A conveyancer will ensure that the seller is legally entitled to sell the property and that there is nothing stopping the buyer from applying for a mortgage on it.
At the end of conveyance, the buyer is given the full title to the home.
It’s worth paying as much as you can afford for a conveyance solicitor. Those who charge significantly less than the going rate may be unable to offer the service that you expect.
Look into the lawyers you choose to ensure they are happy with them before you use their services. Whitehead Monckton from Canterbury and Maidstone in Kent are a law firm specialising in conveyance. They have a lot of information freely available on their website.
Don’t hesitate to contact your chosen lawyer for a chat first, to make sure you feel comfortable using them. After all, this is a huge purchase and you want to make sure everything goes smoothly.
Resolving disputes
There are many conveyancing solicitors to choose from so it’s wise to shop around before you come to a decision.
You should expect your solicitor to represent your interests rigorously and never leave you in the dark about important information.
Conveyance lawyers who specialise in working for landlords are generally able to resolve landlord-tenant disputes quickly.
They can help you to draw up renegotiated contracts and get your property back if you are forced to evict a tenant, or if you need to end a lease early for legal reasons.
If you are a first-time landlord then a conveyancing solicitor can help you avoid many common pitfalls, protect your property and even keep you out of court.
Read more:
Buyer’s blog: To buy or not to buy… the freehold of your property
How to get double-glazing in Camden and Haringey’s listed homes
Home Improvements: What to spend on for maximum environmental and financial efficiency
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here