Becoming a Landlord
Becoming a landlord
Have you ever considered letting a property? Some of our customers have always had ambitions to own investment properties and build a portfolio. Others become landlords accidentally. If you are new to buy-to-let for whatever reason, this is the section for you.
Moving in with a partner
Moving in with a partner
If you are in a relationship, and both partners own a property, what do you do when you move in together? In recent years we have seen a growth in couples choosing to retain one of the properties while they set up home in the other. Keeping a property as an investment is a viable option and can add extra income every month. Plus, couples can benefit from the capital built over time as the property’s value grows. By reviewing your joint income and your ability to borrow, switching one of the mortgages from a residential to a buy-to-let mortgage may be possible. Depending on the capital available. In some circumstances it can even be possible to switch both current properties into buy-to-lets and buy a third as the ‘family home’.
Temporary Relocation
Temporary Relocation
Suppose you decide to take a job in another part of the country or overseas. In that case, you may need to relocate quickly or retain your home to return to after the contract has ended. Looking at the rental market is a favourable solution. Letting the property will provide an income to cover your mortgage payments, add additional income and importantly, give you back your home. If you decide to relocate permanently in later years, you can choose to continue letting or sell the property.
Inhereting a property
Inhereting a property
It used to be the case that if a relative left a property in a Will, the asset was sold following the probate process and the proceeds split between the benefactors. More recently families are considering alternative options. Some choose to keep the property as an ongoing investment. This would provide a regular extra income, plus a lump sum in the future should the family decide to sell. Renting out and selling an inherited property has its pros and cons. It is essential to consult a Financial Adviser and solicitor when weighing up the options, both from a legal standpoint and any tax implications.
