What is Buy to Let?

Buy to let is a type of investment whereby you purchase a property, usually with the help of a mortgage depending on your circumstances, and rent out that property. You would not reside in this property yourself.

Since the 1988 Housing Act, investment in buy to let properties has risen, with landlords given more control over their properties.

Once you purchase a Buy to Let property you become a landlord. This type of housing investment differs from owning your own property, as you are effectively running a small business.

Landlord Responsibilities

As a landlord you will need an understanding of your rights and obligations, as well as those of your tenants. The Department of the Environment, Transport and Regions has produced a guide for landlords entitled ‘Assured and assured shorthold tenancies´, which you should familiarise yourself with.

Day to day responsibilities if you manage the property yourself include:

– finding tenants to live in your property
– checking references
– collecting rent
– maintaining the property
– dealing with any problems

Legal Responsibilities

As a landlord you have a number of legal obligations, including:

– Repairs to the property
– Arranging for gas and electrical appliances to be checked and tested for safety
– Ensuring that furniture and fittings are compliant with fire safety requirements

Why might you want to sell a buy to let property fast?

There are many reasons why landlords may need to sell their buy to let property quickly. Some of the most common include:

– Paying too much on repairs/maintenance. Older homes in particular will often require more attention.

– You can no longer afford, or you are struggling with, mortgage repayments on your property/properties.

– You are trying to sell with sitting tenants

– Your property is sitting vacant and has been for long periods. (Nevertheless you are still expected to pay your mortgage and Council Tax in these instances)

– You can no longer afford, or do not want to deal with, a managing agent

– You are paying a lot of tax on your investments and wish to reduce your outgoings

– The time constraints and/or hassle of owning properties are taking their toll

– You want to cash in on your investments and move abroad or retire

Swift Capital has helped thousands of landlords in situations such as these. Contact us today and we resolve to buy your house fast, for a very competitive price. No estate agents, no viewings, no hidden fees, just a fast property sale.