Purchasing a property you don’t intend to live in brings additional tax and legal implications that you need to consider before investing. It’s may also be more time-consuming to properly structure a buy-to-let investment than you initially expect.
While the conveyancing process is relatively similar to purchasing a residential property, a buy-to-let creates additional work for the investor. For example, you will need to brush up on your responsibilities as a landlord, such as ensuring the property is up to the legal standards needed for sub-letting. You may need to apply for specific permission to use the property for rental and your local area may also have particular regulations about renting that you need to be aware of. It’s also important to be prepared for financial voids when your property is unoccupied.